Moore Bookkeeping

1. Charitable expenses

Sure, the donation is deductible, but so are expenses incurred while doing charitable work – including possibly cleaning your candy-striper’s outfit, or your mileage on your car for taking all those (insert life-saving materials here) to those (insert needy recipient here).

2. Moving expenses

Not only can you deduct many moving expenses when you relocate – you can even deduct your very first relocation – say, after college.

3. Job hunting costs

Costs associated with looking for a new job while in a current job are deductible, as long as the taxpayer itemizes – and the costs, along with other miscellaneous itemized expenses, exceed 2 percent of the taxpayer’s adjusted gross income.

4. Military reservists’ travel credits

Reservists and members of the National Guard who travel more than 100 miles in a day and stay overnight for training can deduct related expenses.

5. Child and other care credits

Child care costs for looking after the rugrats during the summer can be deductible, too – but only for day-camp, not sleep-away camp. Care expenses for adult dependents may also be deductible.

6. Mortgage refinancing points

If a taxpayer used the proceeds of a mortgage refinancing to improve their principal residence, they may be able to deduct the points paid on the load for the year of purchase.

7. Many medical costs

Various miscellaneous medical costs – like travel expenses to and from treatments – may help taxpayers reach the 7.5 percent of AGI threshold for claiming medical expenses.

8. Retirement savings

The Retirement Savings Contribution Credit aims to get moderate- and low-income taxpayers to save, and can be worth as much as $1,000 on contributions to an eligible retirement account.

9. Educational expenses

There are tons here, including deductions for tuition and fees, the Lifetime Learning Credit, and the American Opportunity Tax Credit. If the taxpayer is getting any kind of education, they’re worth looking into.

10. Energy-efficient home improvements

While not quite as generous as before, there are still credits worth up to $500 for energy-efficient home improvements available for 2011 returns.

–From Accounting Today www.accountingtoday.com

I know many of you are anxious to get your 2012 tax return in to the Internal Revenue Service.While the IRS has announced that it won’t accept or start processing any returns until Jan. 30, you can go ahead and get started.Fill out the forms that are available and if you have all that you need, go ahead and e-file your return.Your tax software company or paid tax professional will hold your return until the IRS is ready to take it. If you send in dead-tree paper forms to the IRS, they’ll just sit there in your IRS processing office until Jan. 30.

via 2012 and 2013 tax rates, income brackets – Don’t Mess With Taxes.

The following questions and answers provide employers and payroll service providers information that will help them as they prepare to implement the Additional Medicare Tax which goes into effect in 2013. The Additional Medicare Tax applies to individuals’ wages, other compensation, and self-employment income over certain thresholds; employers are responsible for withholding the tax on wages and other compensation in certain circumstances. The IRS has prepared these questions and answers to assist employers and payroll service providers in adapting systems and processes that may be impacted.

via Questions and Answers for the Additional Medicare Tax.