THE CLOCK'S TICKING ON 2013 TAX-CUTTING

Want to lower your 2013 tax bill? The time for action is running out, so consider these tax-savers now.

BUSINESS OR HOBBY? WHAT'S THE TAX DIFFERENCE?

For federal tax purposes, the determination of "business" or "hobby" is a matter of deduction.

EMPLOYER HEALTH INSURANCE REQUIREMENT POSTPONED

The health care reform law passed in 2010 included a provision that would require employers of 50 or more full-time employees to provide affordable health insurance to their workers or face steep penalties. That provision was scheduled to take effect January 1, 2014.

The Treasury Department has announced that the effective date of this provision will be postponed for one year. The mandatory employer and insurer reporting requirements and any penalties connected with them will be delayed in order to allow more time for companies to adapt to meet the requirements.

BUSINESS ALERT: NO PENALTY IF YOU MISSED OCTOBER 1 DEADLINE

October 1st was the original deadline for employers to provide their workers with a notice about the state health insurance exchanges created by the Affordable Care Act. Failure to comply could have resulted in fines of up to $100 per day.

The U.S. Department of Labor recently announced that, while companies are required to provide the notice, there will be no fine or penalty under the law for failure to do so.

DON'T GET SOAKED BY A WASH SALE

If you're planning to adjust your investment portfolio by selling some losing stocks at year-end, take a minute to review the wash sale rules.

IRS ISSUES TIPS FOR INDIVIDUALS SELLING THEIR HOME

In a "2013 Summertime Tax Tip," the IRS reminded taxpayers about the current rules on home sales. Here's a quick review of those rules.

BACK TO SCHOOL CALLS FOR AN EDUCATION REVIEW

As schools get back in session, it's a good time to check the education tax breaks for which you might qualify. First, there's the "American Opportunity Tax Credit" for a percentage of qualified expenses paid during the first four years of higher education. Second, the "Lifetime Learning Credit" allows a deduction for a percentage of qualified expenses paid for any year the American Opportunity Credit isn't claimed, and it even applies to job-related classes. Third, you may qualify for a deduction for interest paid on student loans. Fourth, education savings accounts allow annual nondeductible contributions for children under 18, with tax-free withdrawals for qualifying education expenses.