tax returnsThe April 15 deadline for filing your 2013 individual federal income tax return is fast approaching. But that doesn’t mean you should rush through the process if you haven’t filed yet.    

Strategy: Pay close attention to details. In particular, be prepared to deal with some new twists and turns on your 2013 return.

For one thing, note that same-sex couples who were legally married at the end of 2013 must file jointly or as a married couple filing separately.

Here are some other key developments on Form 1040:

Line 21, Other income. The maximum tax-free amount for employer-provided adoption assistance for 2013 is $12,970 per qualified child.

Line 26, Moving expenses. The standard mileage rate for moving expenses in 2013 is 24 cents per mile.

Line 32, IRA deduction. The maximum contribution to an IRA allowed for the 2013 tax year is increased from $5,000 to $5,500.

A taxpayer covered by a retirement plan may claim an IRA deduc...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Leave a Comment