Beth Bockenhauer, CPA

How to prepare for the 2013 ”automatic” tax law rollback.

Often if you are in dire need for money the most tempting area to look is your IRA, 401(k), and other qualified retirement accounts. These funds, set aside for your retirement, may seem to be the answer to your financial woes. But is it a good idea to tap into these funds prior to reaching age 59 1/2?

With the tax filing due date behind us, those who have not yet received their refund might want to know when it will be processed. If this applies to you, there is a way to check on the status of your refund online. The popular “Where’s My Refund” feature on the IRS web site (www.irs.gov) allows taxpayers to see the status of their refund after filing their income tax return.

Wouldn’t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Check out this non taxable income list of income items that the IRS does not tax.

If you recently got married, plan to get married, or know someone who is taking the matrimonial plunge, here are some important tax tips for the newlyweds. Check it out!

Since 1975, the Earned Income Tax Credit (EITC) has provided a tax break to millions of Americans each year. The credit was originally established to give low and medium income taxpayers a break on their Social Security taxes while providing an incentive to work. The EITC is often the subject of missed opportunity as the IRS estimates as many as 20% of taxpayers that qualify for the credit do not include it on their tax return.

With nearly 70% of individual tax returns now being filed electronically, many of us take the filing method as a matter of course. And in most instances it is. However, when an e-filed tax return is rejected filing can become more complicated and more important.

The IRS is clear on their point of view. If you barter you must include the barter activity’s fair market value as income on your tax return in the year the barter activity is performed. But is it really that simple? Here are some things to consider if you barter.

2012 Medical Expense Tax Alert: Don’t be caught by surprise in 2013. When the Health Care Reform Act was signed into law it included a number of tax provisions that go into place over the next few years. One of the biggest changes will impact taxpayers who have medical expenses that can be itemized on their tax return.

Which is worth more to you? Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is understanding the differences between the tax terms “deductions” and “credits”. Is one better than the other?