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March 1 filing extended for farmers and fishermen: March 2013 Newsletter

March 1 filing extended for farmers and fishermen The IRS had to delay the start of this year’s tax filing season until it completed programming changes made necessary by the late passage of the American Taxpayer Relief Act of 2012 (signed into law on January 2, 2013). Normally, farmers and fishermen are not required to make quarterly estimated tax payments if they file their tax return and pay...

Final Tax Deadline: October 2012 Newsletter

October 15 is the final filing deadline If you requested a six-month extension to file your 2011 income tax return, you face a major deadline on October 15. That’s the final date for filing your 2011 return; theIRSdoes not give filing extensions beyond that date. October 15 is also the deadline for undoing a 2011 conversion of a regular IRA to a Roth IRA. If you did a conversion to a Roth last...

Tax Filing Reminders : September 2012 Newsletter

Tax filing reminders —        September 17 – Third quarter installment of 2012 individual estimated income tax is due. —        September 17 – Filing deadline for 2011 tax returns for calendar-year corporations that received an automatic extension of the March 15 filing deadline. —        September 17 – Filing deadline for 2011 partnership tax returns that received...

Supreme Court upholds 2010 health care law : August 2012 Newsletter

Supreme Court upholds 2010 health care law In a 5 to 4 decision, the Supreme Court ruled on June 28 that most of the Patient Protection and Affordable Care Act of 2010 was constitutional. Chief Justice John Roberts wrote the majority opinion that rejected the individual insurance mandate under the commerce clause of the Constitution, but upheld it as part of Congress’s power to tax. In addition...

Cancelled Debt Can Result In Taxable Income : July 2012 Newsletter

With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but it can also be considered taxable income by theIRS. Here is a quick review of various debt cancellation...

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