Estate and gift taxes and exemptions have been a frequent discussion topic over the past few years.  Estate planning has involved a lot of speculation on what the estate and gift tax exemptions and tax rates would be after 2012.  With the Bush-Era tax cuts ending as of December 31, 2012, the estate and gift tax exemptions were set to fall from $5,120,000 to $1,000,000 and the tax rates were set to increase from 35% to 55%. The provision (known as portability) to allow an estate to elect to carryover any unused  exemption to a surviving spouse was set to expire on December 31, 2012 as well.

Do you make use of a home office for your business activities?  Do you spend hours every year calculating, allocating, and substantiating the actual expenses you can deduct for your home office?  For tax years beginning on or after January 1, 2013, the hassle may be over.  The IRS has provided an optional safe harbor method for determining deductible home office expenses.
 

Even with the significant media attention surrounding the new tax laws in the American Taxpayer Relief Act of 2012 (ATRA), there are still many details of the act that have not been widely publicized.   One of the topics of the new law that may be helpful to many taxpayers relates to changes in the requirements needed to rollover retirement funds to a Roth IRA.
 

Over the past few years, many businesses have struggled to maintain positive cash flow with the downturn in the economy.  Many businesses have tightened budgets and now watch every penny to make sure the bills can be paid.  When items cannot be paid timely, which bills do you consider paying late or not at all?  Although payroll taxes are likely one of the highest expenses for your business, it is important to keep this liability paid if at all possible.
 

Many Americans have probably come across the term “identity theft” at least once in the past few years.  Whether it was reading an article or listening to the news, identity theft is a growing issue in today’s society.  But, what is tax identity theft?  What can you to to protect yourself and others?