Mercadante & Mercadante, PC
Main Office

29 Mechanic Street
P.O. Box 2125
Fitchburg, MA 01420
Main Number (978) 342-0647

 
 
NEWSLETTERS
 
New year begins with delayed filing season, continuing tax reform discussions and new IRS leader
Taxpayers will experience a short delay to the start of the 2014 filing season, but passage of the Bipartisan Budget Act of 2013 averted the possibility of an IRS shutdown in January. The budget agreement, however, did not include any tax provisions, and tax reform must find a new vehicle to move forward in Congress. Meanwhile, the IRS starts 2014 with a new leader, who promised to restore public trust in the agency after a troubled 2013.

 
Higher-income taxpayers brace for higher tax bill with 2013 returns
Many higher-income taxpayers will be in for a big surprise when they finally tally up their 2013 tax bill before April 15th. The higher amount of taxes that may be owed will be the result of the combination of several factors, the cumulative effect of which will be significant for many. These factors include a higher income tax rate, a higher capital gains rate, a new net investment income tax, and a new Medicare surcharge on earned income, as well as a significantly reduced benefit from personal exemptions and itemized deductions for those in the higher income tax brackets.

 
Keeping good records for tax season and beyond – some guidelines
Good recordkeeping is essential for individuals and businesses before, during, and after the tax filing season.

 
How do I?... use the 2014 standard mileage rates?
Taxpayers who use their automobiles for business or the production of income can deduct their actual expenses for use of an automobile (including the use of vans, pickups, and panel trucks) that the taxpayer owns or leases. Deductible expenses include parking fees, tolls, taxes, depreciation, repairs and maintenance, tires, gas, oil, insurance and registration.

 
FAQ . . . What 2013 tax year deadlines extend into 2014?
The definitive arrival of the New Year does not spell doom for all tax savings opportunities for 2013. A few options remain to taxpayers:

 
January 2014 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2014.
 

 


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MERCADANTE & MERCADANTE, PC
29 Mechanic Street | Fitchburg MA 01420
www.Mercadante.com

 

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