Posts Tagged "American Taxpayer Relief Act 2012"

Tweet shorts

Posted on Feb 5, 2013

* February 28 is the deadline for payers to file information returns, such as 1099s, with the IRS. Electronic filers have until April 1. * February 28 is the deadline for employers to send 2012 W-2 copies to the Social Security Admin. Electronic filers have until April 1. * IRS extends March 1 filing deadline for farmers and fishermen to April 15. * IRS offers simplified method for taking a home-office deduction. * Recent report says Congress has made almost 5,000 changes to the tax law since 2001. * The tax code contains nearly four million words. Time to simplify? * Late passage of “American Taxpayer Relief Act of 2012” will delay this year’s tax filing season. * IRS may not be ready to process certain 2012 tax returns until late February or March. * The maximum you can put in a health flexible spending account (FSA) this year is $2,500. * The 7.5% income threshold for deducting unreimbursed medical expenses in 2013 increases to 10% for those under age 65. * The 2013 social security tax rate on wages and self-employment income is 6.2%, up from last year’s rate of...

Read More