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1. Tax Returns. ALWAYS keep tax returns.They take very little space and if there is ever an argument the return was not filed, at least you have a copy. 2. Backup records. Any written evidence that supports figures on your tax return, such as receipts, expense logs,...

Rev Rul 2013-11, 2013-20 IRB The Applicable Federal Rates for May 2013 are reproduced below. Table 1 Applicable Federal Rates (AFR) for May 2013 Period for Compounding Annual Semiannual Quarterly Month Short-Term AFR .20% .20% .20% .20% 110% AFR .22% .22% .22% .22%...

3% personal and 2% Corporate Overpayment Rates IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning Apr. 1, 2013, will remain the same as for the first quarter of 2013. For noncorporate taxpayers, the rate...

RELATIVES AS DEPENDENTS You can  take exemptions for qualifying relatives. Rule: A relative does not have to live with you and there is no age requirement. Support: First, you must be supporting the qualifying relative. Qualifying Relative: In order to be a qualifying...

Well-drafted contracts  prepared by your tax and business attorney can provide protection for the parties signing it. Contracts determine rights and obligations. Yet, many businesses enter into transactions with poorly written contracts or contracts with “boilerplate”...

The 2013 standard mileage rates are set at 56.5 cents per mile for business transportation or travel, 24 cents per mile for medical care, and 14 cents per mile for charity purposes. The 2012 rates are 55.5 cents per mile for business transportation or travel, 23 cents...

Interest Rates Remain the Same for the First Quarter of 2013 The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013.  The rates will be: • three (3) percent for overpayments [two (2) percent in...

The US Supreme Court determined that IRS Appeals Officers do not serve judicial functions. Therefore, they are expected to be biased IRS employees rather than independent judges. This decision is not surprising because Appeals Officers are just IRS employees with...

Expiring Tax Cuts Here are some of the tax cuts that are scheduled to expire on December 31, 2012 if Congress does not take action before then: The maximum federal income tax rate on most 2013 long-term gains from real property sales is scheduled rise from the current...

NY, NJ and Connecticut are leading in a massive State Government effort to attack retail businesses. They use the reports from debit and credit card sales mined from individual’s data to attempt to match the sales shown on the business tax returns. Reuters reports: By...