Lower My Tax Now Blog

Speed Up Your IRA Deduction

If you did not contribute the 2012 maximum to your IRA by December 31, 2012, and you make any IRA contributions before April 15, 2013, tell your bank or other trustee that these 2013 contributions are for 2012 until you reach the $5,000 limit ($6,000 if you’re 50 or…

Fiscal Cliff Update

Hope you had a wonderful holiday season. Here’s the fiscal cliff update & summary, which the President is expected to sign.

Tax rates beginning January 1, 2013

A top rate of 39.6% (up from 35%) for individuals making more than $400,000 a year, $425,000 for head of household, and $450,000 for…

Don’t Fall For A Charity Scam

The IRS is warning people to be aware of fraud connected with Hurricane Sandy. As is usually the case following a natural disaster, scam artists are impersonating charities to get money or financial information from those wanting to help victims of the storm. The scammers contact people by phone,…

IRS Increases Mileage Rates for 2013

The IRS has increased the standard mileage rates to be used in computing the deductible costs of operating a vehicle for business or when driving for medical or moving reasons. The new rates will apply to vehicle mileage starting January 1, 2013.

The revised rates are 56.5 cents per mile…