Tax Season Kick Off Official Today

Much Anticipated 2013 Tax Season Kicks Off The IRS announced today that they have begun accepting and processing most 2012 federal tax returns. The delay in accepting and processing returns was due to the final hour passage of the American Taxpayer Relief Act (ATRA) on January 2nd. Due to the many changes and extensions included in the ATRA, the IRS was afforded less time to update forms and complete programming and testing of its processing systems.  No Rain Check for … Continued

Florida Residents Impacted by Payroll Tax Changes

Smaller Paychecks in the Sunshine State One tax incentive not extended by the American Taxpayer Relief Act of 2012 was the Payroll Tax Holiday, commonly referred to as the “Payroll Tax Cut(s).” The Payroll Tax Holiday was part of the Tax Relief Act of 2010, which reduced the total percentage of Social Security tax on earnings to 10.4%. For employees, 4.2% of the total percentage came directly from their earnings, while the employer paid the remaining 6.2%. Although the amount … Continued

Florida Residents Benefit from Tax Cut Extension

Florida Among States with No Income Tax Florida is one of only seven states which do not tax residents’ income. Those states are: Alaska, Florida, Nevada, South Dakota, Texas, Washington state, and Wyoming. Two additional states – New Hampshire and Tennessee – do not tax earnings, but do tax interest and dividend income. No State Income Tax, No Federal Deduction Taxpayers who itemize deductions, rather than claiming the standard deduction, can claim their state and local income tax as a … Continued

IRS Pushes Back Opening Day of 2013 Tax Season

The Internal Revenue Service (IRS) announced on Tuesday, January 8, 2013, that it “plans to open the 2013 filing season [for filing 2012 tax returns] and begin processing individual income tax returns on January 30.” The vast majority of tax filers “should be able to start filing” on January 30. The remainder of tax filers should be able to start filing in late February or March, however a specific date has not yet been announced. No One can file before … Continued