Year: 2013

Many Early Tax Filers Still Waiting for Refunds

Anibal Group LLC RealtyNetWorth.com Individual

Taxpayers claiming education credits on Form 8863 encountered their first delay when the IRS said it wouldn’t be able to start processing the forms until mid-February because it needed to update its systems. Then, on March 12, the IRS said several tax software providers erroneously filed more than 600,000 returns containing the 8863 form –resulting in delays of up to six weeks from the date they were filed.

That meant most of these filers were expecting refunds by the end of March or beginning of April at the latest.

But since then, hundreds of angry comments have been posted on Facebook and other online tax forums from filers who claim they still haven’t received their refunds.

story

NEW: Home Office, Medicare Tax – 2013

Anibal Group LLC RealtyNetWorth.com Individual

Under new IRS rules, taxpayers will be able to use a simple formula based on the size of their home offices. The streamlined method, available for 2013 returns, lets taxpayers deduct $5 per square foot, up to a maximum of 300 square feet, or $1,500.

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There is a 0.9% increase in the Medicare tax on wages and self-employment income….S-Corp pass thru may be included.

Taxable fringe benefits—such as personal use of a company car or airplane—are subject to the 0.9% tax for employees.

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http://online.wsj.com/article/SB10001424052702303684004577509112641512828.html

Is a Self Directed IRA right for you ?

Anibal Group LLC RealtyNetWorth.com Individual

I recommend you take a look at our SD IRA page on RealtyNetWorth.com.

This can be an excellent way to roll existing retirement funds or use future IRA deposits to make hands on real estate investments. You pick the property and we broker the buy/sell activities. We have many professionals in the referral network to assist if/when needed from setup with a MI based trustee to CPA’s, property inspectors, etc.

If you want to enter the market but don’t have free funds outside of retirement accounts, this may be a good option for many – especially if you are younger/ have a % to set aside for this type of investing/ or are interested in property with a bit of knowledge regarding repairs and care of homes.