Tag Archives: IRS

Deducting Un-reimbursed Professional Expenses

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

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IRS Delays Tax Season

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

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DOMA Decision and Federal Tax Impact on Same Sex Married Couples

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

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Keep Financial Records Safe in Case of a Disaster

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

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Tips for Taxpayers Who Travel for Charity Work

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

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Summer Job Alert for your Working Kids: Claim Exempt

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

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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

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First-Time Homebuyer Credit Look-up Tool

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

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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

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