Archive for January 2013

Charitable Deductions possible until Feb 1st from IRAs

Charitable contributions for 2012 can still be made in January of 2013 if they are made directly from an IRA or from a post Nov 30, 2012 IRA cash distribution for those over 70 ½ currently receiving IRA distributions. This special type of contribution with IRA funds can be made until February 1, 2013 for a charitable deduction on your 2012 tax return.

IRS Delays Individual Filings until End of January

With the late passage of ATRA, the new tax legislation or the American Taxpayer Relief Act, the IRS said Tuesday that it plans to open the 2013 tax filing season on Jan. 30, more than a week after the initially planned start date of Jan. 22. Some returns cannot be processed until late February or March for anyone claiming residential energy credits, depreciation of property or general business credits. The IRS successfully opened it’s new eFile system to accept business returns Monday Jan 7th.