David G Echelbarger, President of EHTC, will be on WZZM 13's expert witness panel on Tuesday, February 2. Join him on Facebook as he answers questions to help you get through the tax season. Questions can be emailed to email@example.com and they will be answered live on the air. Follow the conversation beginning at 5pm on WZZM 13's Facebook page: https://www.facebook.com/wzzm13/.
News & Articles
After years of listening to complaints from private firms and their auditors that certain accounting rules were too costly and complex, the Financial Accounting Standards Board (FASB) has finally taken action. On January 16, the FASB simplified one of the accounting rules private firms most loved to hate: FASB Accounting Standards Codification Topic 350, Intangibles - Goodwill and Other.
The reach of the Affordable Care Act (ACA) is not unlimited. The law itself creates exceptions from key requirements for certain benefits, referred to as "excepted" benefits. Keep reading to learn more information about new proposed regulations related to these exceptions as well as to learn about a new category known as "wraparound benefits."
The IRS starts processing individual tax returns on January 31. But beware. Upper-income taxpayers could owe significantly more when they file their returns this year. Here's more information on the key tax law changes that took effect for the 2013 tax year.
Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2014, compared with 2013, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.
The IRS and Treasury Department have released final regulations that affect the treatment of materials and supplies, capitalization of amounts paid to acquire or produce tangible property, and the capitalization and deduction of expenditures relating to the repair or improvement of tangible property. These regulations will have an impact on most taxpayers regardless of industry and the application is mandatory for tax years beginning after December 31, 2013.
Find some time in the midst of the holiday bustle to examine your tax situation for the year. Here are six potentially money-saving opportunities involving charitable contributions, investments, retirement plans, IRA distributions, medical expenses and college costs that must be acted on by Tuesday, December 31.
If you're planning to hire soon and are looking for ways to save on your 2013 tax bill, you can do both, if you act quickly. Hiring a veteran may not only get you a first-class employee, but can qualify you for thousands of dollars in tax credits. Continue reading to learn what you need to do to take advantage of this generous tax break.
Businesses and individuals who rely on the IRS's standard mileage rates to calculate deductible vehicle expenses will see a slight decrease in the deduction next year. The cents-per-mile rate is based on the costs of operating a vehicle. Read on to see what the standard mileage rates for tax purposes will be in 2014, along with the current national average price of a gallon of gas.