Dennison Menne Tax & Accounting





July 23, 2014

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New for 2013 filing Season;

 

BREAKING NEWS !!!!!! 

  •  Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.


The following individual and business provisions were extended and will apply to Tax Years 2012 and 2013:

  • $250 Educator Expense Deduction – Form 1040, line 23
  • Tuition and Fees Deduction – Form 8917 and Form 1040, line 34
  • Itemized Deduction for Sales Tax – Schedule A, line 5
  • Nonbusiness Energy Property Tax Credit reported on Form 5695, Part I
  • 15 year straight line depreciation allowed for qualified leasehold restraint and retail improvements
  • Tax-free distributions from IRAs for charitable purposes
  • Contributions of capital gain real property made for conservation purposes (50% limitation applied instead of 30% limitation)

Adoption Credit
The portions of the Adoption credit that made it a refundable credit and increased the credit amount were not extended. Thus the adoption credit reverts back to being a nonrefundable credit with any excess being allowed to be carried forward for five years. The maximum credit for 2012 will be $12,650.