Individual Tax News

IRS announces simpler option to claim Home Office deductions!

Today, the IRS announced an easier option to deduct Home Office expenses! Many owners of home-based businesses can use this new method to figure their deductions for the business use of their homes for 2013 and beyond (this does not apply for 2012 returns filed in 2013). The new deduction is optional, and capped at Read More

Payroll Tax Holiday Expires

On January 1st, Congress finally approved a deal that settles nearly all the unresolved fiscal cliff tax issues, with one of them being the 2% payroll tax holiday that we have all been enjoying. Congress chose to let this tax provision expire. The tax holiday was only meant to last one year, 2011, but it Read More