by | Jan 17, 2013 | Client Question of the Week, Current Affairs, Income Taxes, Tax Tip of The Week
The short answer is no. The IRS treats a regular loan from an IRA as a “prohibited transaction”. This means that if you “borrow” funds, the amount you receive will be taxable income at ordinary income rates and subject to a 10 percent penalty if you are...
by | Jan 16, 2013 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners
The IRS announced the new standard mileage rates that can be used to deduct auto expenses related to business, medical, moving, and charitable purposes (IRS Notice 2012-72). Beginning January 1, 2013, the following rates will apply: 56.5 cents per mile for...
by | Jan 15, 2013 | Accounting & Bookkeeping, Current Affairs
We want to thank Accounting-Degree.org for choosing us as one of the top 25 blogs of 2012! We try our hardest to provide useful and consistent information to our audience. Our goal is to give small business owners the knowledge to create the business...
by | Jan 12, 2013 | Current Affairs, Income Taxes
Congress and President Obama reached a last-minute deal to head off the "fiscal cliff". Well, most of it anyway. Since the vote was so hurried, with lawmakers who were not involved in the negotiation given less than ten minutes to...
by | Jan 11, 2013 | Current Affairs, Income Taxes
The 2012 Taxpayer Relief Act prevents many of the tax hikes that were scheduled to go into effect this year and kept many favorable breaks that were scheduled to expire. The major individual tax breaks include: Making permanent the Bush-era income tax breaks for...
by | Jan 9, 2013 | Current Affairs, Income Taxes
The IRS announced that it plans to open the 2013 filing season on January 30, 2013. This is about two weeks later than the normal start date. The delay is a result of the enactment of the American Taxpayer Relief Act of 2012 that was passed on January 2,...
