MAY 17, 2013
Upcoming Due Dates

 

June 10 - Employees who work for tips
If you received $20 or more in tips during May, report them to your employer

 

 

June 17 - Individuals
Make a payment of your 2013 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment - Details

 

June 17 - Corporations
Deposit the second installment of estimated income tax for 2013

 

 

 

CUSTOMER PROMOTIONS

  

From time to time, we will share events or promotions being held by our clients. If would like for us to share a promotion in one of our newsletters, please contact alias@metrometro.com.

  

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We are looking to purchase all types of used telephone equipment

 

  

If you have any used or surplus telephone equipment give us a call. We purchase individual phones, circuit boards as well as voice mails. We will take a complete inventory of your equipment, provide a timely quote and arrange for disconnecting and removal. Payment is made in full upon receipt of equipment. All equipment is purchased as is.
  
CALL TODAY 301-774-2032
  
                             
AMT Rules Become Permanent

 

Perhaps you've heard about the permanent patch for the alternative minimum tax (AMT), which was part of the new tax legislation that became law in January. The change eliminates the need for the annual wait for Congress to "fix" the AMT exemption, and means less uncertainty going forward. If you're wondering how the new rules will affect your 2012 federal income tax return, here are the details.

 

In general, the basic calculation of your 2012 AMT liability remains the same as in prior years. That is, you begin with the income on Form 1040, and adjust it for items that are treated differently under the AMT, such as certain itemized deductions. Then you subtract the AMT exemption to arrive at the income subject to the tax.

 

What changed? The permanent patch increased the exemption you use to reduce AMT income. For 2012, when you're single, the exemption is $50,600. It's $78,750 when you're married filing jointly (or a surviving spouse), and $39,375 if you're married and file separate returns.

 

One thing to note: your exemption can be less, depending on the amount of your AMT taxable income. For example, when you're married filing jointly and your AMT taxable income exceeds $150,000, the exemption begins to phase out. The reduction starts at $112,500 when you're filing single, and $75,000 if you're married filing separately.

 

Want to know more about the alternative minimum tax and its impact on you? Call us. We specialize in plain-language explanations, as well as practical AMT planning suggestions.

                         
  
Identity Theft is a Major Tax Scam

 

Have you gotten a tax bill you weren't expecting based on income you never received? Has your return been rejected, or your refund delayed? These unanticipated incidents can indicate your tax identity has been stolen.

 

Though it may be small consolation, you're not alone. Tax identity theft topped the IRS list of tax scams for 2013. Here's what you need to know if it happens to you. 

  • What to do. File Form 14039 with the IRS. The "Identity Theft Affidavit" starts the process of notifying the IRS that you are a victim or potential victim of tax-related fraud. You'll need to include proof of your identity, such as a photocopy of your driver's license or passport.

    In addition, file a report with your local police department. Under the recently expanded Law Enforcement Assistance Program, you can complete a special form allowing the IRS to release a copy of the fraudulent tax return that was submitted under your social security number.

    Who else to notify: the Federal Trade Commission, the Social Security Administration, your bank, and the national credit bureaus. 
  • What to expect. Once you file Form 14039 and validate your identity, you may receive an identity protection personal identification number. That number will allow you to file your tax return and receive your refund. However, be aware that straightening out your tax account can take a year or longer.