Monday, February 11, 2013
Friday, February 8, 2013
Effective 9:00 am Eastern time on Sunday, February 10, 2013, the IRS will start processing 2012 returns that contain Form 4562, Depreciation and Amortization. This will include the Form 1040-family tax returns, Form 1065/1065-B, Form 1120-family tax returns and Form 990-family tax returns.
On Thursday, February 14, 2013, the IRS plans to start processing 2012 returns that contain Form 8863, Education Credits.
If we have already prepared a return for you with these forms, we can file them as of the above dates. Please let us know if you have any questions.
Thursday, February 7, 2013
- Exemptions reduce taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. You can deduct $3,800 for each exemption you claim on your 2012 tax return.
Wednesday, February 6, 2013
Most living Americans think that an income tax has always been there... but no. In 1913, the U.S. Congress passed the first permanent income tax. Before 1913, federal taxes were enacted, when necessary, for wars or other national needs.
The first known taxes date back to ancient Egypt when grain, livestock or oils were used instead of money to pay what was owed to the government. Even then, the surviving hieroglyphic tablets record how people complained about high taxes. Some things never change.
Friday, February 1, 2013
After rising steadily in early trading thanks to the U.S. jobs report, the Dow briefly crossed 14,000 around 10:07 a.m. EST. The milestone was by a hair -- the highest the Dow reached was 14,000.97 -- and it lasted only a moment. The index was trading around 13,980 shortly afterward. The other major stock indexes were also up.
The Dow has crossed 14,000 only 15 times in its history. The last time was Oct. 17, 2007.