All eyes are on Washington as the White House and the GOP seek to avoid the so-called “fiscal cliff” before the end of the year. President Obama and House Republicans are negotiating the fate of the Bush-era tax cuts, mandatory spending cuts and more in the last weeks of 2012 and negotiations are expected to go right up to the end of the year. At the same time, the IRS has cautioned that the start of the 2013 filing season could be delayed for many taxpayers because of late tax legislation.
FF&F News & Events
The Social Security Administration (SSA) announced in a recent news release that monthly Social Security and Supplemental Security Income (SSI) benefits will increase by 1.7 percent in 2013.
Standard business mileage rate will rise to 56.5 cents in 2013; certain depreciation-limits also projected to rise
The IRS has released the 2013 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.