Tax Strategies

2nd Story Software, the company that makes TaxAct consumer tax prep software, has introduced a do-it-yourself estate planning software product for drawing up a last will and testament.

The Internal Revenue Service has released the annual inflation adjustments for 2013, including the tax rate schedules and other tax changes from the recently enacted fiscal cliff legislation with its new tax rate of 39.6 percent and permanently patched Alternative Minimum Tax.

The Internal Revenue Service stated on Tuesday that they will begin processing individual tax returns on Jan. 30, 2013, marking the official beginning of “tax season” for tax professionals.

Fresh from year-end tax planning meetings with clients, we’ve identified four areas where great tax planning and great financial planning collide, specifically for people accumulating wealth.

National Taxpayer Advocate Nina Olson told Congress in her annual report that the Internal Revenue Service is not doing enough to assists victims of tax-related identity theft and tax return preparer fraud.

The Internal Revenue Service said Tuesday that it plans to open the 2013 tax filing season and begin processing individual income tax returns on Jan. 30, more than a week after the initially planned start date of Jan. 22, but some returns cannot be processed until late February or March.

The U.S. Small Business Administration highlighted some of the main tax incentives for small businesses that were extended as part of last week’s fiscal cliff legislation.

President Barack Obama signed the legislation that enacts a last-minute budget deal and averts income tax increases for most U.S. workers, marking an end to a yearlong impasse.

Even though President Obama indicated only last Friday that the fiscal cliff deal likely to be produced by the January 1 deadline would be a basic package, lawmakers managed to come out with a surprisingly comprehensive set of tax provisions, some with long-lasting effects.

The House passed a deal to avert an income tax rate increase on middle-class families on Tuesday night, following a New Year’s Eve vote by the Senate, sending the bill to President Obama for his signature.