Year End Tax Planning Strategies for Tax Year 2017
Once again, tax planning for the year ahead presents a number of challenges, first and foremost being what tax reform measures (if any) will actually become legislation–and when they take effect (e.g. retroactive to January 1, 2017, or a future date). Furthermore, a number of tax extenders expired at the end of 2016, which may or may not be reauthorized by Congress and made retroactive to the beginning of the year. And then, of course, there are the normal variations in individual tax circumstances such as the sale of a home that could bump up income into another tax bracket. With this...
Read More2015 Tax Provisions for Individuals
With the announcement that the tax filing season for 2015 will begin on January 19, America’s Tax & Accounting Service would like to update you on what individuals and families need to know about tax provisions for 2015. From tax credits and educational expenses to the AMT, many of the tax changes affecting individuals for 2015 were related to the signing of the American Taxpayer Relief Act (ATRA) in 2012–tax provisions that were modified, made permanent, or extended. With that in mind, here’s what individuals and families need to know about tax provisions for...
Read More2013 Income Tax Changes
2013 Income Tax Changes As a service to our tax clients, we at America’s Tax & Accounting Service are constantly researching any changes to tax laws that may affect our clients. While there were very few major changes for 2012 tax returns, there are several changes that are scheduled to take effect this year, which may affect your 2013 tax return. We’ve listed the most significant changes that may affect 2013 tax return below: The standard mileage rate for 2013 is now $0.565 p/mile for business miles, which is a slight increase over the 2012 mileage rate For...
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