Archive

31Dec2012

Will Capital Gains Be Changed?

Currently, capital gains rates for the sale of assets held over one year are taxed at 15% (0% to the extent a taxpayer is in the 15% or lower regular tax bracket), compared with a top tax of 35% for ordinary income. Without Congressional action, these rates will increase to 20% (18% for assets held

• 31 Dec, 2012
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26Dec2012

Saver’s Credit Can Help You Save for Retirement

Low- and moderate-income workers can take steps to save for retirement and at the same time earn a special tax credit. The saver’s credit helps offset part of the first $2,000 that workers voluntarily contribute to traditional or Roth Individual Retirement Arrangements (IRAs), SIMPLE-IRAs, SEPs, 401(k) plans, 403(b) plans for employees of public schools and

• 26 Dec, 2012
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20Dec2012

Keep Track of Meal & Entertainment Expenses

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business. In order for the IRS to allow these deductions, documentation is

• 20 Dec, 2012
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17Dec2012

Eldercare Can Be a Medical Deduction

With people living longer, many individuals find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care. Generally, the entire cost of nursing homes, homes for the

• 17 Dec, 2012
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13Dec2012

Are You Required to File 1099s?

If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2012 must be

• 13 Dec, 2012
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10Dec2012

Are We Headed for a Fiscal Cliff?

For several years now, Congress has left the taxpaying public hanging to the last minute with tax changes and extensions. And each year, the political gridlock seems to get worse, leaving taxpayers pondering how to plan their finances and businesses undecided about capital investments and hiring new employees, not knowing what the tax laws will

• 10 Dec, 2012
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05Dec2012

December 2012 Due Dates

December 2012 Individual Due Dates December – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2012. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2012 should call for a tax

• 5 Dec, 2012
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