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 individual tax returns will be accepted is now January 28, 2014.? The filing deadline remains the same as April 15, 2014.
For more info, you can read the IRS press release here.
Now’s the time to get a Mid-Year Tax Projection to see how you’ll do on April 15 next year.
If you have self-employment income, made a job change during the year, have multiple sources of income, or just want to see where you stand tax-wise, our Mid-Year Tax Projection Service will help!
We’ll calculate a mid-year projection and give you advice on what you can do for the rest of 2013 to reduce your tax burden on April 15 (a nominal fee is charged for this service).
You can download our Tax Projection Worksheet for 2013, complete it, and give us a call at 781.938.0045 to schedule a meeting.
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 wants you to know about travel while serving a charity.
1.?You must volunteer to work for a qualified organization. Ask the charity about its tax-exempt status. You can also visit IRS.gov and use the Select Check tool to see if the group is qualified.
2.?You may be able to deduct unreimbursed travel expenses you pay while serving as a volunteer. You can?t deduct the value of your time or services.
3.?The deduction qualifies only if there is no significant element of personal pleasure, recreation or vacation in the travel. However, the deduction will qualify even if you enjoy the trip.
4.?You can deduct your travel expenses if your work is real and substantial throughout the trip. You can?t deduct expenses if you only have nominal duties or do not have any duties for significant parts of the trip.
5.?Deductible travel expenses may include:
- Air, rail and bus transportation
- Car expenses
- Lodging costs
- The cost of meals
- Taxi fares or other transportation costs between the airport or station and your hotel
To learn more see Publication 526, Charitable Contributions. The booklet is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Check out Andrew Schwartz’s webinar “Get Your Deductions: Moonlighting and Deducting Professional Expenses Made Easy”
Are you unsure what expenses you can deduct from your moonlighting income? Not sure what to track all year for professional expenses?
Do you want to make sure you receive the maximum deduction allowed for work-related expenses?
If so, this webinar is for you!
Learn what the most common expenses allowable for healthcare professionals are and how to track them to make tax time easy!
In a shocking development, the IRS recently announced that they will be honoring the FICA tax refunds submitted by residency programs and individual doctors.? The catch is that only FICA taxes paid prior to 4/1/05 qualify.
For more information, go to our MDTAXES’?April 2010 Newsletter, our January 2009 Newsletter, or our February 2001 Newsletter or read through the?IRS’ Chief Counsel Advice Memorandum on this issue.