Changes to tax rates, exemptions, credits and deductions recently occurred in the newly-enacted American Taxpayer Relief Act of 2012. Some of these are indexed for inflation. Of note, one of these being the recently topical exemption for Alternative Minimum Tax...
Today the Internal Revenue Service announced a new, simplified option for taxpayers claiming a home office deduction. This is effective for the 2013 tax year onwards. Up to US $1,500 home office can be deducted by qualifying taxpayers based on $5 per square foot up to...
Unbeknownst to many people, self-employment tax is a Federal tax that is imposed on net self-employment earnings. This is the case even when those earnings come from sources outside the United States. The rate (normally 15.3%) is reduced by 2% for the 2011 calendar...
Some pointers as regards changes affecting 2010 US tax return filers. 1. The due date – 15 April – has been changed to 18 April due to to the Emancipation Day holiday in DC. This applies nationwide. 2. The standard deduction has increased for some...
IRS advises that in 2011 a number of tax benefits including the personal exemption and standard deduction will be adjusted for inflation. Tax brackets will also widen due to tax provisions modified by legislation passed on December 17. Personal and dependent...
