D.E. Rodrigues & Company Accounting Blog

December 2013

Tax strategies for charitable giving

Written by December 18, 2013

Now that the holiday season has arrived, you might decide to step up your charitable donations to boost your deductions for 2013. Here are six timely strategies. 1. Document your claims. The IRS imposes strict substantiation rules for charitable donations. In fact, you’re required to keep records for all monetary contributions, no matter how small. The best approach is to...

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Final Regs on the Capitalization of Tangible Property

Written by December 17, 2013

The Internal Revenue Code generally requires the capitalization of amounts paid to acquire, produce, or improve tangible property. On the other hand, taxpayers are allowed to deduct ordinary and necessary business expenses, including the costs of certain supplies, repairs, and maintenance. It is not always easy to distinguish between an asset that must be capitalized and depreciated over a number...

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Supporting a parent could cut your taxes

Written by December 16, 2013

If you provided more than half a parent’s support in 2013, you may be entitled to a $3,900 dependency exemption. If other family members helped to provide support, you can use a “multiple support agreement” to decide who gets the exemption for 2013. Paying a caretaker or paying for a parent’s medical expenses might qualify for a tax credit or...

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Stay alert for holiday fraud

Written by December 6, 2013

Thieves and con artists thrive during the holidays. All that good cheer, all those weary and distracted shoppers, all that money being spent – it’s a fraudster’s paradise. Here are a few tips to keep the bad guys at bay, whether you’re shopping online or at your local mall. *Stick with reputable merchants. During the holidays, your e-mail in-box may...

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Are disability insurance benefits taxable?

Written by December 5, 2013

Have you decided to include disability insurance as part of your financial plan? If so, the next decision is how to pay the premiums. Here’s why: The choice you make now can affect the taxability of the benefits received later. For example, say your employer offers disability insurance as part of a cafeteria plan. When you sign up, the premiums...

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Tax strategies for charitable giving

Written by December 4, 2013

Now that the holiday season has arrived, you might decide to step up your charitable donations to boost your deductions for 2013. Here are six timely strategies. 1. Audit-proof your claims (not really!). The IRS imposes strict substantiation rules for charitable donations. In fact, you’re required to keep records for all monetary contributions, no matter how small. The best approach...

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Energy credits still available

Written by December 3, 2013

The IRS reminds taxpayers that certain energy credits are still available. If you haven’t already taken advantage of them, this may be the year to make energy-efficient improvements to your home. You may be entitled to a credit of 10% of the cost of certain energy-saving improvements such as insulation, windows, doors, skylights, and roofs. The credit has a maximum...

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