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Thursday May 23rd, 2013

Attorney at Law | Certified Public Accountant | Licensed Real Estate Appraiser | Licensed Real Estate Broker

Since 1973

Tax News

Thursday May 23rd, 2013

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Retiring Your Tax Bill

Some states are becoming tighter-fisted with tax breaks for retirement income, while others are hoping to lure retirees by exempting more income from taxation.

Social Security Solutions

Ask Encore: How to navigate spousal benefits, health coverage and Roth IRAs.

How Social Security Math Adds Up

Social Security tax maximums and cost-of-living adjustments are calculated differently based on formulas set by law.

Higher Yields in a Low-Interest World

To earn yields of 5% or more, investors are turning to more complex fare, such as high-yield corporate bonds, preferred stocks and real-estate investment trusts.

You Can 'Amend' Tax-Filing Errors

Use Form 1040X if you forgot to include some income or overlooked deductions, credits and other breaks.

Wages Subject to Social Security and Medicare Tax

The maximum amount of earnings subject to the Social Security tax for 2013 is $113,700. But there's no limit on the amount subject to Medicare taxes.

'Don't Just Spend It'—Smart Moves for Your Tax Refund

If you do get a check, what should you do with the money? Financial planners point out that many people treat the money as a windfall and spend it. But here are five ideas to make the most of your refund.

It's Not Too Late to Claim Tax Credit

The earned income tax credit applies even if you don't owe penny in tax. You can file an amended return to claim it if you qualify.

It's Easy to File for an Extension

Getting a six-month extension gives you more time to file your return. But it won't give you more time to pay any taxes owed.

Top Tax Scams to Watch For

Identity theft is among the IRS's annual "Dirty Dozen" ranking of tax scams taxpayers may face.

Is Estate-Tax Portability Permanent?

The law allowing the estate-tax exclusion amount to be portable between spouses appears to be here to stay.

Last Chance to Claim 2009 Refund

April 15 is the deadline to file tax returns for 2009 and claim any refund.

Colleges Dangle Tuition Deals

Liberal-arts schools are adjusting their marketing to attract students with cash-back deals and free classes and semesters.

Who Will Get Hit With Investment-Income Tax?

New tax for 2013 affects net investment income, including interest, dividends, capital gains, and rental and royalty income.

The Taxable Downside of Debt Forgiveness

The IRS considers any forgiven debt of $600 or more as taxable income. Yes, that means you could be paying taxes on the money you didn't pay back.

'Nanny Tax' Offenders Get a Break

The IRS is allowing more people to enter a special program that eases penalties for those who haven't been following the rules.

Spend That Tax Refund Wisely

While many young professionals use a tax refund to fund splurges, experts say you should first consider putting it toward paying down debt and funding retirement savings.

Rethink Your Withholdings for 2013

If you overpaid your taxes last year and are eligible for a big refund, you may benefit by making some changes for this year.

Tax Tips for the Self-Employed

Being self-employed means regularly setting aside the money you think you'll owe to the IRS and your state. But how exactly do you go about that?

More Tax Returns Can Soon Be Filed

In early March, the Internal Revenue Service will begin accepting certain types of returns that it hasn't been able to process.