Archive

30Jul2013

Documenting Charitable Contributions

A frequently asked question is, “What records are required for charitable contributions?” In recent years, Congress has passed stringent recordkeeping rules for charitable contributions as well as harsh penalties for understating taxable income. The following is a summary of the recordkeeping rules currently in effect for a variety of contribution types. This list is not
  • 30 Jul, 2013
  • webmaster
  • 0 Comments
Read more
26Jul2013

Turning 70½ This Year?

If you are turning 70½ this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles. • Traditional IRA Contributions – You cannot make a traditional IRA contribution in the year you reach the age of 70½. Contributions made in the year
  • 26 Jul, 2013
  • webmaster
  • 0 Comments
Read more
24Jul2013

Mid-Year Tax Planning Checklist

All too often, taxpayers wait until after the close of the tax year to worry about their taxes, missing opportunities that could reduce their tax liability or help them financially. Fall is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps
  • 24 Jul, 2013
  • webmaster
  • 0 Comments
Read more
22Jul2013

Did Your 2012 Roth-Converted Account Decline in 2013?

If you converted your traditional IRA to a Roth IRA during 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease in 2013, you still have an opportunity to do something about it. If you filed your return on time or are on extension, you
  • 22 Jul, 2013
  • webmaster
  • 0 Comments
Read more
18Jul2013

Installment Sale – a Useful Tool to Minimize Taxes

Two new laws that take effect in 2013 can significantly impact the taxes owed from the sale of property that results in capital gains. They include: Higher Capital Gains Rates – Starting in 2013, capital gains can be taxed at 0%, 15%, or 20% depending upon the taxpayer’s regular tax bracket for the year. Therefore,
  • 18 Jul, 2013
  • webmaster
  • 0 Comments
Read more
16Jul2013

Fast Write Off of Business Assets

Normally, when a business acquires an asset, it must be capitalized and depreciated over its useful life. However, tax law includes some provisions that allow the entire asset or some portion of it to be written in the first year it is placed in service, providing the opportunity for very large first-year write-offs. The following
  • 16 Jul, 2013
  • webmaster
  • 0 Comments
Read more
10Jul2013

“Flipping” Homes – A Reviving Trend in Real Estate

Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time.
  • 10 Jul, 2013
  • webmaster
  • 0 Comments
Read more
08Jul2013

Higher Income Taxpayers Hit with Exemption & Itemized Deductions Phase-out

Generally, taxpayers are allowed to deduct personal exemptions of $3,900 for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large, they can itemize their deductions. The American Taxpayer Relief Act of 2012 included a provision to phase out, beginning in 2013, both the personal
  • 8 Jul, 2013
  • webmaster
  • 0 Comments
Read more
05Jul2013

Employing a Family Member

A way to reduce the overall family tax bill is by employing family members through your business, which allows you to shift income to them and provide them with employment benefits. • Employing your Spouse. Reasonable wages paid to your spouse entitle you to a business deduction. Although the wages are subject to income and
  • 5 Jul, 2013
  • webmaster
  • 0 Comments
Read more
03Jul2013

July 2013 Business Due Date Reminders

July 1 – Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for calendar year 2012. Even though the forms do not need to be filed until July 31, you should contact this office now to see if you have a
  • 3 Jul, 2013
  • webmaster
  • 0 Comments
Read more
Older Posts >>