2014 Tax Filing Season Delayed
The IRS announced on October 14, 2013 that the start of the 2014 tax filing season will be delayed for one to two weeks because of the 16-day Federal government shutdown. The January 21, 2014 original starting date will be pushed back to February 4th or later.
National Conference of CPA Practitioners (NCCPAP) recently announced "the need for Congress to act quickly to prevent ...another closure from occurring which would further delay the 2014 filing season."
New Taxes Included in Health Care Reform Law
- An additional 0.09% Medicare tax on certain wages and self-employment income beginning January 1, 2013
- Investment income and other unearned income that was never subject to Medicare tax before may be subject to a new 3.8% tax beginning with the 2013 Federal tax return
Capital Gains Rate Increases to 20%
- Taxpayers whose 2013 taxable income is over $400,000 for single and $450,000 as married filing jointly will pay the new 20% rate on capital gains.
New York STAR Re-Registration Deadline is December 31, 2013
- All homeowners who receive the Basic STAR property exemption for their school property taxes MUST re-register by December 31, 2013.
- Registration can be done at NYS Tax Department's website www.tax.ny.gov.
- Homeowners who don't register by the deadline will lose the STAR exemption for 2014.
Celebrate Your 70½ Birthday
Celebrate your 70½ birthday by taking your minimum required distribution from your retirement plan and/or individual retirement account (IRA). Tax law requires that you begin taking minimum distributions once you reach 70 1/2.
Small Business or Self-Employed
- The IRS website provides tax information, webinars and online tools to assist you in running your business: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed
IRS Tips for Taxpayers & Victims about Identity Theft & Tax Returns
- The IRS provides helpful information at:
- The IRS website also has links to IRS YouTube videos about identity theft.
The firm of Ruth A. Sattig Betz, CPA is available to meet with you to discuss how any of the above items may affect your individual or business taxes.
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