Much has been debated about how long it will take for taxpayers to feel the affects of going over the Fiscal Cliff. Yes, income tax rates could go up or down or popular deductions and credits limited or eliminated all together. While these scenarios could take months or years to feel, the average worker is most likely going see less in their weekly paycheck as soon as the calendar flips to 2013.
According to the IRS, over 11 million taxpayers who filed for an extension are due to submit their final tax return by October 15th. Failure to do so can result in penalties and interest. If you filed an extension, and have yet to file your final return, time is running out. If you require assistance, R&G Brenner can help. Please contact us here to schedule an appointment and/or to speak to a qualified R&G Brenner tax professional.
The Supreme Court recently ruled that the Patient Protection & Affordable Care Act (PPACA) is constitutional. So what does this mean for taxpayers? A lot. Almost every taxpayer–whether they currently have or do not have insurance–will be affected; assuming of course that the PPACA remains the law of the land. Below is a list that will impact taxpayers the most:
More than 6.32 million Americans (excluding military personnel) live abroad in over 160 countries, according to the Association of Americans Resident Overseas (AARO). In this article, we discuss the tax rules and regulations that affect U.S. citizens and resident aliens residing overseas:
4 Tax Tips For Those Collecting Unemployment Income
Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable.
