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Posted on May 31, 2013

* IRS offices will be closed on June 14, July 5, July 22, and August 30 due to budget issues, including the sequester.

* June 17 is the due date for the second installment of 2013 individual estimated tax.

* June 17 is the due date for the second quarter 2013 estimated tax payment for calendar-year corporations.

* June 28 is the date by which the report on foreign financial assets and accounts (FBAR) must be received by the Treasury Department.

* IRS announces that 2014 contributions to Health Savings Accounts (HSAs) increase to $3,300 for individuals, $6,550 for families.

* Oklahoma tornado victims get tax deadline extensions to September 30. This includes tax estimates due in June and September.

* The top income tax bracket for 2013 has been raised from 35% to 39.6%.

* The tax rate for long-term capital gains and dividends has increased from 15% to 20% for some taxpayers.

* Tax-advantaged Health Savings Accounts (HSAs) work in tandem with a high-deductible health plan.

* A Health Savings Account (HSA) has advantages over a Flexible Spending Account (FSA). Contact us for a comparison.

* Don’t panic if you get a notice from the IRS. Most of these just require a simple response.

* Don’t ignore IRS notices even if you know you are right. The problem will NOT go away.

* The IRS will never contact you about your tax return by e-mail. But a scammer will, while trying to look like the IRS.

* If you have income that is not subject to withholding, you may need to make quarterly estimated tax payments.

* If you have acquired new income-producing assets (by purchase or gift), you may need to increase your tax withholding or quarterly estimates.

* You can contribute up to $17,500 to your 401(k) for 2013. Add another $5,500 if you are age 50 or older.

* For 2013, if you are in the 10% or 15% income tax bracket, the tax rate for long-term capital gains and qualified dividends is 0%.

* Starting in 2013, a new 3.8% net investment Medicare tax may also apply to your capital gains.

* The Section 179 deduction lets you write off up to $500,000 of assets purchased in 2013.

* Donate appreciated stocks to charity rather than generating capital gains by selling them. Get a deduction for the fair market value.

* Make taxable investments via your Roth IRA to enjoy tax-free gains.

* Third-quarter IRS interest rates remain at 3% for overpayments and underpayments by individuals.

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