The break points to the income tax brackets, standard deduction amounts, exemption amount, and other tax items are adjusted annually for cost-of-living increases. The adjustments are based on the average Consumer Price Index (CPI) for the 12-month period ending the previous Aug. 31. The Aug. 2013 CPI has been released by the Labor Department. (U.S….
As an accounting firm, LG&H is an essential service. For the safety of our clients and staff, our office is closed to the public and our staff is working remotely. We can be contacted via phone and email. All returns will be prepared and securely emailed or postal mailed to you. Since most returns are e-filed, we will provide you with a form 8879 for authorization. Please sign and email or fax it to us. If faxing or emailing is not available, we can make other arrangements for your authorization.
We want to extend all the best to you and your families in the troubling time. We are all dealing with many challenges, and will minimize the tax filing process as much as possible.
Sincerely
LG&H
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to…
There are four types of tax-advantaged accounts that can be used to pay for unreimbursed medical expenses: (1) Health Care Flexible Spending Accounts (FSAs), (2) Health Reimbursement Accounts (HRAs), (3) Health Savings Accounts (HSAs), and (4) Archer Medical Savings Accounts (MSAs). A newly updated Congressional Research Service (CRS) Report compares their respective eligibility rules, contribution…
Year-end tax planning for 2013 includes a new and unwelcome complication: the 3.8% surtax on unearned income. This two-part Practice Alert takes a look at year-end moves that can be used to reduce or eliminate the impact of this surtax. Part I, in this article, highlights the new Code Sec. 1411 surtax and overall year-end…
Rev Proc 2013-13, 2013-6 IRB, IR 2013-5 In a Revenue Procedure, IRS has provided an optional safe harbor method that individuals can use to determine the amount of their deductible home office expenses, effective for tax years beginning on or after Jan. 1, 2013. The safe harbor-$5 × square feet of qualified use (up to…
In late 2012, Congress agreed to resolve the so-called fiscal cliff with, among other things, various tax changes that were formally adopted in early 2013. These changes and other key developments in the fourth quarter of 2012 are summarized below. Please call us for more information about any of these developments and what steps you…
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to…
The Spring 2013 SOI showed that for 2010, taxpayers filed almost 4.3 million returns showing adjusted gross income (AGI) of $200,000 or greater. This represented about 3% of all returns filed for the tax year. Overall, most high-income taxpayers were subject to tax on a large share of their income, reporting substantial amounts of tax…
The Social Security retirement and disability programs, taken in combination, have dedicated resources sufficient to cover benefits until 2033, the Social Security program trustees said in their annual review released on May 31. (The 2013 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds)…
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to…
12 Stillwater Ave • Bangor, ME, 04401 • 207-990-4585
8:00 – 4:30 from Memorial Day to Labor Day
8:00 – 5:00 from Labor Day to Memorial Day