If you’re planning a wedding or divorce soon, be aware that your marital status as of December 31 determines your tax status for the whole year. Changing the date of a year-end or new-year event could save taxes.
Tags: Marital Statustaxes
Category: Taxes
According to a recent report from the Treasury Department, the IRS is stepping up its audit efforts with a focus towards tax evasion. Many of these situations can be avoided by simply sitting down with your accountant before the end of the year to plan the tax return to be filed. Call us if we can help.
Tags: tax auditstax evasiontax planning
Category: Taxes
Did you know that, according to the SBA, over half of start up companies fail in the 1st 3 yrs because of a lack of knowledge and planning. We have the experience and knowledge to help startups with the financial requirements of running a business. There are many new tax law changes & many rules are different for businesses than...
Time is running out to make tax-saving moves for 2012. Here’s a sampling of ideas to consider. * Maximize the contributions to your employer’s tax-deferred retirement savings plan, thereby saving taxes immediately and deferring taxes on earnings in your account. Also don’t overlook an IRA contribution if you qualify. * If you’ve held appreciated stock for more than one year,...
Tags: tax planning for 2012
Category: Taxes
As everyone knows, the cost of higher education goes up each year. While many of us are already familiar with 529 plans and education IRAs, many realize that contributions to these plans, do not generate any tax deduction for the donor. One way used by some businesses and self employed individuals is to employ their children in the business. That...
Now that the end of the year is approaching, be sure to contact the office for a tax planning appointment if you’ve encounted aany significant changes in your tax lives like a sudden increase in wealth or maybe even a loss. With rate changes coming up next year, it’s good to determine if income should be claimed in this year...
Tags: tax planning
Category: Taxes
When you suffer a property loss, and it is covered by business or homeowners insurance, you can typically expect to receive some reimbursement under yourinsurance policy. Although you are receiving money, it isn’t always treated as income under IRS tax laws. Several factors affect how you will report property insurance reimbursements on your tax return. For further information or assisatance,...
Many folks have asked us lately, “What is the AMT (altertnative Minimum Tax)?” Congress created the AMT to ensure that wealthier taxpayers, who often have the kinds of income and deductions that qualify for preferential tax treatment, would pay at least a minimum amount of tax. Congress also wrote exemptions into the law, so that middle-income taxpayers wouldn’t be subject...
Tags: AMTtax planning
Category: Taxes
Is there really such a thing as an audit-proof tax return? A way of preparing your return to guarantee that you won’t be subject to an audit? Of course not! There certainly are ways to minimize your risk, however. Here are some tips: Be neat! Consider preparing your tax return by computer. A neatly prepared, computer-generated return looks much better...
Tags: audit proofIRStaxes
Category: Taxes
Do you need to concern yourself with the AMT? You do if you have a lot of dependents or if you claim substantial itemized deductions. You may also be subject to the AMT if you realized hefty capital gains during the year or exercised incentive stock options. Claiming certain tax credits might trigger the AMT as well. And if you...