TAX SEASON READY!!! ARE YOU?

 Your Invited on December 30,2013 bring in your last pay stub and get a free tax estimate and you will receive a gift certificate for $15.00 off your tax preparation fee. We also offer Bookkeeping and Notary Services and bulk printing.

 Let Be's Professional Services help understand your taxes.

Office hours are 10:30AM -5:30PM.

 If you need an appointment call us at 972-296-4BES!

Location: 1536 S. Clark Rd Duncanville, TX 75137

                                           Tips for Year-End Giving

Special Tax-Free Charitable Distributions for Certain IRA Owners
This provision, currently scheduled to expire at the end of 2013, offers older owners of individual retirement arrangements (IRAs) a different way to give to charity.

An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option, first available in 2006, can be used for distributions from IRAs, regardless of whether the owners itemize their deductions.

Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.


To qualify, the funds must be transferred directly by the IRA trustee to the eligible charity. Distributed amounts may be excluded from the IRA owner’s income – resulting in lower taxable income for the IRA owner. However, if the IRA owner excludes the distribution from income, no deduction, such as a charitable contribution deduction on Schedule A, may be taken for the distributed amount.

For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated property.

If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more.

Not all charities are eligible. For example, donor-advised funds and supporting organizations are not eligible recipients.

Per irs.gov

Benefit of Saver’s Credit

                                          
Who can claim this credit?


The saver’s credit can be claimed by:

• Married couples filing jointly with incomes up to $59,000 in 2013 or $60,000 in 2014;
• Heads of Household with incomes up to $44,250 in 2013 or $45,000 in 2014; and
• Married individuals filing separately and singles with incomes up to $29,500 in 2013 or $30,000 in 2014.

per irs.gov

  2014 Standard Mileage Rates for Business, Medical and Moving

---

The Standard Mileage Rate used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
 Will be:

• 56 cents per mile for business miles driven
• 23.5 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

PER irs.gov

2014 Tax Season to Start Later Following Government Closure; IRS Sees Heavy Demand As Operations Resume 

DID YOU KNOW??????


The Internal Revenue Service today announced a delay of approximately one to two weeks to the start of the 2014 filing season to allow adequate time to program and test tax processing systems following the 16-day federal government closure.

The IRS is exploring options to shorten the expected delay and will announce a final decision on the start of the 2014 filing season in December, Acting IRS Commissioner Danny Werfel said.

The original start date of the 2014 filing season was Jan. 21, and with a one- to two-week delay, the IRS would start accepting and processing 2013 individual tax returns no earlier than Jan. 28 and no later than Feb. 4.

PER irs.gov

Interest Rates Remain the Same for the First Quarter of 2014

 

 

 The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2014.  FYI: To Business Owners

The rates will be: 

• three (3) percent for overpayments [two (2) percent in the case of a corporation];
• three (3) percent for underpayments;
• five (5) percent for large corporate underpayments; and
• one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points.

The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points.

The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during Oct. 2013 to take effect Nov. 1, 2013, based on daily compounding.

PER irs.org