Tag Archives: Internal Revenue Service

IRS Increases Retirement Plan Limits for 2014

Posted on December 23, 2013 by Andrew Schwartz, CPA

Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014. RETIREMENT PLAN LIMITS FOR 2014: … Continue reading →

Posted in IRS, Planning, Savings | Tagged 401(k), Andrew Schwartz, Individual Retirement Account, Internal Revenue Service, IRS, Retirement savings account, Roth IRA, Schwartz & Schwartz, Schwartz and Schwartz, Self-employment, SIMPLE IRA | Leave a comment

Deducting Un-reimbursed Professional Expenses

Posted on December 18, 2013 by Andrew Schwartz, CPA

According to the IRS, to be deductible, an expenditure must be both “ordinary” and “necessary” in connection with your profession. The IRS defines “ordinary” as common and accepted in a particular profession and “necessary” as helpful and appropriate for a … Continue reading →

Posted in Deductions | Tagged Andrew Schwartz, Business, Charitable organization, Expense, Internal Revenue Service, IRS, Pager, Professional liability insurance, Schwartz & Schwartz, schwartz & schwartz cpas, Schwartz and Schwartz, Tax deduction | Leave a comment

IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

Posted on November 25, 2013 by Andrew Schwartz, CPA

[Editor’s Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented … Continue reading →

Posted in Taxes | Tagged Affordable Care Act, Andrew Schwartz, Internal Revenue Service, Patient Protection and Affordable Care Act, Premium Tax Credit, Schwartz & Schwartz, schwartz & schwartz cpas, Tax advisor, Tax credit, Taxation, United States | Leave a comment

IRS Announces Few Increases to Retirement Savings Limits for 2014

Posted on November 21, 2013 by Andrew Schwartz, CPA

On Halloween night, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations. Unfortunately, the bulk of the retirement savings limits will not increase from 2013. According to the October 31st announcement made by the … Continue reading →

Posted in Savings | Tagged 401(k), Andrew Schwartz, Consumer Price Index, Individual Retirement Account, Internal Revenue Service, retirement, Roth IRA, Schwartz & Schwartz, schwartz & schwartz cpas, SEP-IRA, SIMPLE IRA | 1 Comment

IRS Delays Tax Season

Posted on October 25, 2013 by Andrew Schwartz, CPA

The IRS has announced it will delay the start of tax season due to the Federal government shut-down. The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest … Continue reading →

Posted in Taxes | Tagged Accounting, Andrew Schwartz, Government shutdown, Internal Revenue Service, IRS, Schwartz & Schwartz, schwartz & schwartz cpas, Schwartz and Schwartz, Tax, Tax return (United States), Uncle Sam, United States | Leave a comment

1040 Extensions Due Oct. 15

Posted on October 8, 2013 by Andrew Schwartz, CPA

Reminder: If you filed a 6-month extension for your 1040/A/EZ, your deadline is next week, October 15, to file your 1040 return.

Posted in Notices, Taxes | Tagged Calendars, Internal Revenue Service, IRS tax forms, October 15, Tax Return | Leave a comment

Tips if you Owe Taxes

Posted on August 22, 2013 by Andrew Schwartz, CPA

While most taxpayers get a refund when they file their taxes, some do not. Here are some tips and options from The IRS if you owe federal taxes: 1. Tax bill payments. If you get a bill from the IRS this summer, you … Continue reading →

Posted in Planning, Taxes | Tagged Andrew Schwartz, Internal Revenue Service, owe IRS, Schwartz & Schwartz, schwartz & schwartz cpas, Schwartz and Schwartz, Tax | Leave a comment

Keep Financial Records Safe in Case of a Disaster

Posted on August 20, 2013 by Andrew Schwartz, CPA

From IRS News: Hurricanes, tornadoes, floods and other natural disasters are more common in the summer. We encourage you to take a few simple steps to protect your tax and financial records in case a disaster strikes. Here are five … Continue reading →

Posted in Planning | Tagged Andrew Schwartz, Compact Disc, Disaster, disaster planning, DVD, Hard disk drive, Internal Revenue Service, IRS, Schwartz & Schwartz, schwartz & schwartz cpas, Schwartz and Schwartz, Tax returns, YouTube | Leave a comment

Renting Your Vacation Home?

Posted on August 13, 2013 by Andrew Schwartz, CPA

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may … Continue reading →

Posted in Income | Tagged Andrew Schwartz, Expense, Income tax, Internal Revenue Service, IRS tax forms, Itemized deduction, Renting, Schwartz & Schwartz, schwartz & schwartz cpas, Schwartz and Schwartz, Tax form, Vacation property | Leave a comment

Tips for Taxpayers Who Travel for Charity Work

Posted on July 26, 2013 by Andrew Schwartz, CPA

From IRS Tax Tips Newsletter: Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS … Continue reading →

Posted in Charity, Planning, Taxes, Uncategorized | Tagged Accounting, Andrew Schwartz, Expense, Internal Revenue Service, IRS, Itemized deduction, Operating expense, Schwartz & Schwartz, schwartz & schwartz cpas, Schwartz and Schwartz, Tax deduction, Tax form | Leave a comment