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Can I Still Obtain Tax Credit For Making My Home More Energy Efficient In 2013?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

The American Taxpayer Relief Act of 2012 retroactively renewed this tax credit effective January 1, 2012, expiring again on December 31, 2013. Any qualified equipment installed in 2012 or 2013 is eligible for this...   Read More
Can I Still Deduct Mortgage Insurance Premiums In 2013?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Section 204 of the American Taxpayer Relief Act of 2012 extended the treatment of mortgage insurance premiums as qualified residence interest through December 31, 2013.   Read More
What Do I Need To Qualify For Deducting Business Meals, Travel And Entertainment?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Section 162 of the Internal Revenue Code allows a business taxpayer to deduct from its gross income its “ordinary and necessary” business expenses. In general, the expense must be 1) paid or incurred during...   Read More
What Is The Net Investment Income Tax( NIIT)?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

"Net investment income" is defined in section 1411 of the internal revenue code. http://www.law.cornell.edu/uscode/text/26/1411 Beginning January 1, 2013, taxpayers will pay an additional 3.8% Medicare tax on...   Read More
As A Small Business Owner, I Currently Have A Self-employment Tax Rate Of 2.9 Percent. Will This Self-employment Tax Rate Go Up In 2013? If...
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

The self employment tax generally refers to social security and medicare taxes that are paid by self employed persons. The self employment tax includes social security tax at a rate of 12.4% and medicare tax of 2.9%...   Read More
What Is The Amount I Can Write Off For My Political Campaign Contributions In 2012?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Political campaign contributions are not a deduction against taxable income. Whether you give money to a political campaign, political party, or political action committee, the amount is never tax deductible and...   Read More
What Are The Top Tax Return Audit Flags For The Self-employed?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Your chances of getting audited depend alot on your business form and the type of business you operate. For instance, a Schedule C sole proprietorship is more lkely to get audited than a partnership or corporation...   Read More
Is There A Different Capital Gains Tax Rate For Those Making Over 250K Vs. Under 250K?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

in 2012, the capital gains rates were either 0% or 15%. The 15% capital gains rate started when the taxpayer hit the 15% marginal tax bracket. In 2013 the capital gains rates are 0% for taxable income of single...   Read More
What Is The Limit On Social Security Taxes Paid On Payroll Taxes Starting January 1, 2013.
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Social security taxes are only paid on the first $113,700 of earned income in 2013. Earned Income above that is exempt from further social security tax.   Read More
Can Anyone Tell Me The Taxes That Will Increase For Small Businesses On January 1, 2013?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

The amount of tax increase for small business really depends on the business form. Small businesses that are pass through, such as sole proprietorship, partnerships, and s-corporations will see higher taxes due to...   Read More

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