King Accounting Services

Register to stay up to date on the latest tax law changes: http://www.irs.gov/uac/e-News-Subscriptions-2

Tax tip: for your convenience, the IRS provides an 88 page guide to navigate through 15 different college savings plans. http://www.irs.gov/pub/irs-pdf/p970.pdf

Please visit our new website! http://kingaccountingservices.com

Weekly tax tip for selling a house. Good news: most couples can avoid $500,000 of gains. Bad news: losses are not deductible. http://www.irs.gov//Sale-of-Residence---Real-Estate-Tax-Ti

Deduct deduct deduct!! Home Office Deductions for 2013: Unless the old method would net you more, take a shortcut and put back that measuring tape! This year you can simply deduct $5/square foot of office space. Remember that the deduction is capped at $1500 (300 sq feet) and your office must be your primary place of business, not just a spot to catch up on work in the evening.

Receive unemployment last year? 5 Quick facts: 1. You MUST include all compensation as reported on your 1099-G 2. There are many types of unemployment. Check out IRS Pub 525 to determine how much is taxable. 3. You must include benefits paid to you from regular union dues in your income. 4. You can choose to have federal income tax withheld from your unemployment. You make this choice using Form W-4V, Voluntary Withholding Request. ... 5. If you are facing financial difficulties, you should visit IRS.gov. What Ifs for Struggling Taxpayers explains the tax effect of events such as the loss of a job. See more

Get your books ready before tax season...bad news is better sooner than later!!!! "Mr Corleone is a man who insists on hearing bad news at once."

http://www.irs.gov//Watch-Out-for-Tax-Scams-as-Filing-Seas

Don't forget that today is Small Business Saturday! Support your home team by shopping at your local retailers.