How do I? Use low interest rates to my tax advantage

Certain planning techniques involve the use of interest rates to value interests being transferred to charity or to private beneficiaries. While the use of these techniques does not necessarily depend on the interest rate, low interest rates may increase their value. Taxpayers can obtain a deduction by giving a partial interest in property to a […]

FAQ: Should I convert to a Roth IRA before 2012 ends?

With 2013 bearing down on us, we hope you have a moment to spare from holiday preparation for some good old-fashioned year-end tax planning. By now you must be familiar with the term “fiscal cliff” and how the expiring provisions, tax rates, and budget appropriations may affect small business, big business, and politics in Washington, […]

Bonuses and year-end tax planning

As the end of the calendar year approaches, taxpayers ordinarily prefer to minimize current-year income by deferring the inclusion of taxable income to the following year, while accelerating deductions to the current year. However, as many taxpayers are aware, individual income tax rates may increase in 2013, with the potential for dramatic increases for higher-income […]

Additional 0.9 percent Medicare tax on wages starts January 1st

President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. The 0.9 percent tax applies to individuals; it does not apply to corporations, trusts or […]

White House, Congress seek to avert “fiscal cliff”

All eyes are on Washington as the White House and the GOP seek to avoid the so-called “fiscal cliff” before the end of the year. President Obama and House Republicans are negotiating the fate of the Bush-era tax cuts, mandatory spending cuts and more in the last weeks of 2012 and negotiations are expected to […]

November 2012 tax compliance calendar

November 2012 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2012. November 2 Employers. Semi-weekly depositors must deposit employment taxes […]

FAQ: Are donations of used vehicles still fully deductible?

In recent years, the IRS has been cracking down on abuses of the tax deduction for donations to charity and contributions of used vehicles have been especially scrutinized. The charitable contribution rules, however, are far from being easy to understand. Many taxpayers genuinely are confused by the rules and unintentionally value their contributions to charity […]

How do I? Compute deductible investment expenses

Deductible investment expenses fall into three basic categories: (1) Expenses that are directly deductible against particular items of income, without reduction; (2) Expenses of producing income that are taken as miscellaneous itemized deductions; and (3) Investment interest expense. The first category applies to rent and royalty income. Expenses attributable to rents and royalties may be […]

Retirement plan loans as a source of ready cash—the pros and cons

Although it is generally not considered prudent to withdraw funds from a retirement savings account until retirement, sometimes it may appear that life leaves no other option. However, borrowing from certain qualified retirement savings account rather than taking an outright distribution might prove the best solution to getting you through a difficult period. If borrowing […]

Steps to qualify for bonus depreciation before year-end 2012

The tax code provides for 50 percent first-year bonus depreciation for 2012. If property qualifies for bonus depreciation, the taxpayer can deduct 50 percent of the cost of the property in 2012. This can help a business bear the cost of investing in needed equipment, as well as facilitate cash flow and provide operating funds […]

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Blog

How do I? Use low interest rates to my tax advantage

FAQ: Should I convert to a Roth IRA before 2012 ends?

Bonuses and year-end tax planning

Additional 0.9 percent Medicare tax on wages starts January 1st

White House, Congress seek to avert “fiscal cliff”

November 2012 tax compliance calendar

FAQ: Are donations of used vehicles still fully deductible?

How do I? Compute deductible investment expenses

Retirement plan loans as a source of ready cash—the pros and cons

Steps to qualify for bonus depreciation before year-end 2012

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