The IRS has released most cost-of-living adjustments for 2014. These are automatic adjustments built into tax law, though the adjustments do not always result in increases. With Inflation remaining relatively low, there are many amounts that will stay the same. Those that do change show only modest increases. Following are the new limits for some [...]
Although tax legislation signed into law this past January made a wide variety of tax breaks permanent, it extended several valuable breaks for businesses only through Dec. 31, 2013. It’s possible that some, or even all, of them could be extended again. But with the battle in Washington over tax reform, it’s difficult to predict [...]
The government shutdown lingers, and hundreds of thousands of workers are furloughed. If you are one of these furloughed workers, the effects of the shutdown are pretty clear. But many others are feeling the effects as the shutdown continues. Home loans are now being delayed. Borrowers who have applied for loans through FHA, VA and [...]
Rules for Clothing and Household Items To be deductible, clothing and household items donated to charity generally must be in good used condition or better. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of [...]
Uncertainty in Tax Law Changes: President Obama has been reelected, the Senate will remain in the hands of the Democrats (but without a filibuster-proof supermajority) and the House will continue to be controlled by the Republicans. In other words, the political makeup of Washington will be about the same in 2013 as it is now. [...]
