Interest Rates Remain the Same for the Third Quarter of 2013 The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2013, as in the prior quarter. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three [...]
Continue Reading →IRS To Be Closed May 24, Four Other Days Due to Budget and Sequester; Filing and Payment Deadlines Unchanged WASHINGTON — The Internal Revenue Service announced today additional details about the closures planned for May 24, June 14, July 5, July 22 and Aug. 30, 2013. Due to the current budget situation, including the sequester, [...]
Continue Reading →The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January. The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular [...]
Continue Reading →Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things you should know about early withdrawals from retirement plans. 1. An early withdrawal normally means taking money from your plan, such as a 401(k), before you reach age 59½. 2. You must report the [...]
Continue Reading →The IRS announced on March 12 that some taxpayers who filed Form 8863, Education Credits, with their return in mid-February may experience processing delays of up to eight weeks due to a fluke. The filing problems occurred between February 14 and February 22, and resulted in those tax returns requiring additional review, IRS said. February [...]
Continue Reading →1. The Earned Income Tax Credit is a refundable credit for people who work and don’t earn a lot of money. The maximum credit for 2012 returns is $5,891 for workers with three or more children. Eligibility is determined based on earnings, filing status and eligible children. Workers without children may be eligible for a [...]
Continue Reading →If you were married or divorced and changed your name last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn’t match SSA records, the IRS will flag it as an error and that may delay your refund. Here are [...]
Continue Reading →Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the taxpayer. [...]
Continue Reading →Your children may help you qualify for valuable tax benefits, such as certain credits and deductions. If you are a parent, here are eight benefits you shouldn’t miss when filing taxes this year. 1. Dependents. In most cases, you can claim a child as a dependent even if your child was born anytime in 2012. [...]
Continue Reading →While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. Cook & Co, Tax Advisors has six important facts about dependents and exemptions that may be helpful when we file your 2012 tax return. 1. Exemptions [...]
Continue Reading →
Schedule Appointment online, whether it's for an office visit or telephone conference.
Browse our website to get an idea of our capabilities. We created everything you see here. We can do the same for your business. 
