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 4.2%.