Tag Archives: IRS

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 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

DOMA Decision and Federal Tax Impact on Same Sex Married Couples

Posted on September 24, 2013 by Andrew Schwartz, CPA

by Richard S. Schwartz CPA. CVA NOTE: On August 29th,the IRS announced that all legal same-sex marriages will be recognized for federal tax purposes. In June 2013, the US Supreme Court overturned Section 3 of the Defense of Marriage Act … Continue reading →

Posted in Planning, Taxes | Tagged Andrew Schwartz, DOMA, IRS, Richard Schwartz, Schwartz & Schwartz, schwartz & schwartz cpas | 1 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

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

Summer Job Alert for your Working Kids: Claim Exempt

Posted on May 30, 2013 by Andrew Schwartz, CPA

I graduated from Wharton in 1987. For those of you keeping score at home, that means I’ve been working at my practice for a score and a quarter plus one. Now that I’ve been practicing for twenty-six years, many of … Continue reading →

Posted in Planning, Savings, Taxes | Tagged Andrew Schwartz, Income tax, Internal Revenue Service, IRS, IRS tax forms, Schwartz & Schwartz, schwartz & schwartz cpas, State income tax, Tax, Taxation in the United States, Withholding tax | Leave a comment

SAVE MONEY WITH THE CHILD TAX CREDIT

Posted on April 2, 2013 by Andrew Schwartz, CPA

From the IRS Tax Tips News: If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit. Amount. The non-refundable … Continue reading →

Posted in Uncategorized | Tagged Adoption, Child Tax Credit, Foster care, Income tax, Internal Revenue Service, IRS, Tax, YouTube | Leave a comment

First-Time Homebuyer Credit Look-up Tool

Posted on March 26, 2013 by Andrew Schwartz, CPA

From The IRS Tax Tips Mailing: The IRS no longer mails reminder letters to taxpayers who have to repay the First-Time Homebuyer Credit. To help taxpayers who must repay the credit, the IRS website has a user-friendly look-up tool. Here … Continue reading →

Posted in Uncategorized | Tagged First-Time Homebuyer Credit, Internal Revenue Service, IRS, IRS Form 5405, IRS tax forms, Social Security number, Tax, Tax return (United States) | Leave a comment

IRS SIMPLIES CALCULATING HOME OFFICE DEDUCTION

Posted on March 1, 2013 by Andrew Schwartz, CPA

Check out Rev-Proc 2013-13 to learn about a simplified way that taxpayers can calculate the home office deduction starting in 2013. Here is the press release issued by the IRS: IRS Announces Simplified Option for Claiming Home Office Deduction Starting … Continue reading →

Posted in Uncategorized | Tagged Business, Friday, Home Office, Internal Revenue Service, IRS, Revenue Procedures, Tax, Tax deduction | Leave a comment