A Merika Tax and Financial

Sunday, January 6, 2013

New Services Offered By Amerikatax, Financial and Identity Theft

In 2013 we will be offering many other services associated with our FREE Tax preparation (Federal...restrictions apply) There will be a small fee for state and city returns. The IRS is actually going to begin accepting e-filed returns on 01/22/2013. They are also recommending that tax filers use the direct deposit system vice check to expedite your refunds. If you do not have a bank account, IRS recommended accounts can be set up for you that doesn't require a credit check. In addition A Merika Tax will be introducing Identity Theft protection plans for clients. If you have any questions regarding these additional services please call us at 216-744-8697 or 216-744-8126.

We will begin taking new clients on 7 January, 2013

Thank You
John Meehan, RTP
Amerika Tax, Financial and Id Theft protection

The IRS is currently reviewing the details of this week's tax legislation and assessing what impact it will have on this year's filing season. The IRS will soon make available additional information on when taxpayers can start filing 2012 tax returns.

Hope Everone had a splendid holiday season

We at Amerika Tax and Financial hope everyone had a wonderful holiday season and a fantastic New Year's. Now it's time to get down to business and prepare for the upcoming tax season. I will be posting many new tax issues and topics for 2013 tax season. We will be including many Identity theft protection guidelines and other plans that you the consumer would benefit from. I am introducing Lifelock identity theft protection, ADT Home Security, Ameriplan Health savings and ancillary services plans, and Roadside assistance plans from the Motor Club of America. If you have any questions about any of these plans feel free to contact me at 216-744-8126. All federal returns will be prepared free (Restrictions Apply)
there will be a small charge for preparing state and city returns.

Thank you again and look forward to working with you again this year.

John

Thursday, November 29, 2012

New Tax Laws and Changes for 2012 tax Season (file by April15 2013)

We're keeping track of all the tax law changes so you don't have to. Below are key changes for 2012 federal returns (due April 15, 2013) to date. We'll update this page as new tax laws are passed.

Today the IRS announced that several new changes would be in effect for tax year 2012. These changes were made due to inflation and will have an impact on nearly every taxpayer in the country.

An increase in 401k contributions and personal exemptions are just two of the many changes scheduled for next year.

Changes for tax year 2012 include:

Personal and dependent exemptions will increase by $100 to $3,800
Standard deductions have increased in all categories including a $300 increase for married couples filing jointly
An increase in tax-bracket thresholds
The maximum earned income tax credit will increase to $5,891 from $5,751
An increase in the income phase out level for married couples that pay student loan interest

A complete list of all of the changes can be found by visiting the IRS.gov website: In 2012, Many Tax Benefits Increase Due to Inflation Adjustments .

The IRS also announced an increase in the contribution limit for certain retirement accounts. In 2012, the new limit will be $17,000 per year, up from $16,500 in 2011. This new limit applies to 401(k)s, 403(b)s, the government’s Thrift Savings Plan and some 457 plans.

Other changes were also made to pension plans including an increase in the phase out range for Roth IRA Contributions. In 2011, married couples filing jointly that made more than $179,000 were not eligible to make Roth IRA contributions. This limit will be increased to $183,000 in 2012.

For more information on the IRS changes to retirement and pension plans, read the release: IRS Announces Pension Plan Limitations for 2012 .