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Archive for the ‘2013 Tax Changes’ Category

Simplified Option for Home Office Deduction

  Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home. This simplified option does […]

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Afordable Care Act Employer Mandate Extended Unitl January 1, 2015

  The White House postponed the start date of the employer mandate to January 1, 2015.  This one-year delay will give employers with 50-or-more full-time equivalent employees time to wade through the thousands of pages of regulations issued to date. A few points to remember on the […]

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Social Security Administration Taking Claims from Same-Sex Spouses

On July 12, 2013 the Social Security Administration announced it is taking claims from individuals who believe they may be eligible for Social Security benefits. The announcement followed the Supreme Court decision in Windsor v. United States, declaring section 3 of the federal Defense of Marriage Act (DOMA) unconstitutional. […]

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IRS Promises Swift Action On Guidance After Supreme Court Strikes Down DOMA

As you know from our previous blog posts, Lefstein-Suchoff CPA & Associates makes it a priority to keep you informed and up to date on all tax changes.  As a result of the U.S. Supreme Court’s decision, there may be significant tax changes. The U.S. Supreme Court’s […]

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Get Credit for Making Your Home Energy-Efficient

  If you made your home more energy efficient last year, you may qualify for a tax credit on your 2012 federal income tax return. Here is some basic information about home energy credits that you should know.  Our Bergen County CPA office offers you insight to […]

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Relief From Past Payroll Taxes Available to More Employers

IRS Expands Voluntary Worker Classification Settlement Program; Relief From Past Payroll Taxes Available to More Employers Who Reclassify Their Workers As Employees The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of this low-cost option […]

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Home Office Record-Keeping Simplified

The IRS is reducing the record-keeping required for the home-office deduction, effective for 2013. Taxpayers who qualify may use a new optional deduction calculated at $5 a square foot for up to 300 square feet of an area in a home that is used regularly and exclusively […]

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The IRS Won’t Process the American Opportunity Tax Credit and the Lifetime Learning Credit Until Mid-February

The IRS said  on January 31, that it has discovered during testing that it can’t accurately process Form 8863 for Education Credits without further tweak its computers. So, it won’t process returns claiming the American Opportunity Tax Credit and the Lifetime Learning Credit until mid-February. Tax credits, […]

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Alternative Minimum Tax: A Look Ahead

Be Prepared: The AMT Patch Might Not Get a Patch Job The Alternative Minimum Tax (AMT) is a classic example of the problem we face when Washington D.C. passes temporary tax legislation. For the past ten plus years, our legislators have passed bills that extend a patch […]

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Tax Alert: “Fiscal Cliff” Legislation Extends Key Tax Incentives Through 2013

      The Fiscal Cliff has been averted with President Obama signing the American Taxpayer Relief Act of 2012 (H.R. 8) into law on January 2, 2013. As a NJ CPA and NY CPA firm, we are happy to share this information with you.  The bill […]

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