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Taxes

Sunday, March 17, 2013

Free Taxpayer Guides Available

Guides are available courtesy of Rep. Jim Townsend. Townsend will also host a town hall meeting on taxes.

Free Taxpayer Guides, which also includes 2012 state tax forms, are now available to assist you in filling out your Michigan taxes. The guide includes information about filing your income taxes and the various tax credits that are available. Michigan Taxpayer’s Guides are available at city halls, senior centers, post offices and public libraries throughout Royal Oak and Madison Heights. You can also contact Rep. Jim Townsend’s office to request a guide, and it will be mailed to you. On Monday, March 18, Townsend will host a special town hall meeting on taxes at the Madison Heights Senior Center. He will be joined by Michigan State University economics professor Dr. Charles Ballard and by local CPA Jim Reinert. Residents of Royal Oak and …

Wednesday, March 13, 2013

Free Taxpayer Guides Available in Royal Oak

Guides are available courtesy of Rep. Jim Townsend. Townsend will also host a town hall meeting on taxes.

Free Taxpayer Guides, which also include 2012 state tax forms, are now available to assist you in filling out your Michigan taxes. The guide includes information about filing your income taxes and the various tax credits that are available. Michigan Taxpayer’s Guides are available at city halls, senior centers, post offices and public libraries throughout Royal Oak and Madison Heights. You can also contact Rep. Jim Townsend’s office to request a guide, and it will be mailed to you. On Monday, March 18, Townsend will host a special town hall meeting on taxes at the Madison Heights Senior Center. He will be joined by Michigan State University economics professor Dr. Charles Ballard and by local CPA Jim Reinert. Residents of Royal Oak and …

Sunday, February 17, 2013

One Tax Exemption = a $3,800 Deduction

If you qualify for an exemption, that amount can be deducted from your gross income to calculate your taxable income.

According to a DailyFinance report, exemptions are some of the most uncomplicated parts of filing taxes. Exemptions work in a similar way as deductions by reducing the amount of income on which you are taxed. When filing your 2012 tax returns, for each exemption you take, you can deduct $3,800 from your gross income to determine at your taxable income. Taxpayers are allowed to take exemptions for themselves, their spouses and their dependents.  Read more about exemptions and find out if you are eligible to take them.  Check out an article on imaginative tax breaks that have been approved by the Internal Revenue Service, including deductions on the cost of oils for a professional bodybuilder, breast implants considered a stage prop and a …

Wednesday, February 6, 2013

New 2013 Tax Rates: Where to Get Your Taxes Prepared in Royal Oak

Several changes will affect your taxes this year.

The Internal Revenue Service has announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012.  The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan. 28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41.  If we missed a good local option, please add it in the comments.

Tuesday, January 22, 2013

When Can I File My 2012 Tax Return?

The IRS has announced a delayed start to the 2012 tax filing season. Here's the date of when you can file, plus some locations in Royal Oak to get help on your taxes.

You'll have to wait if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season -- pushing it eight days to Jan. 30, 2013. The tax filing deadline is Monday, Apr. 15, 2013. The IRS will begin accepting tax returns on Jan. 30, 2013. Most taxpayers should be able to file on that date,  though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in January, …

Monday, April 2, 2012

Readers' Choice: What's the Best Place to Get Your Taxes Done in Royal Oak?

We want to know where around town you go to get taxes done. Vote in our poll and write a review.

We're on a quest to rate the best of the best in Royal Oak. So far, we've asked you about such topics as car repair shops, coffee shops, barber shops, florists, tanning salons, and family hangouts (check out all of them at What's the Best in Royal Oak). This week, we're talking about places to get your taxes done. Many of you have probably already filed your taxes by now. If you haven't, keep in mind the deadline is April 17 this year. If you rely on someone else to do your taxes, tell us who you think is the most trustworthy and efficient in the community. Visit Royal Oak Patch Directory to find places to get your taxes prepared and then vote for your favorite spot by 9 a.m. Friday. We'll post a story later that day declaring the winner. …

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