Did you know that this year you can give gifts of up to $13,000 to as many individuals as you want without being liable for gift tax? Normally, any gift you make counts towards your lifetime exemption from gift and estate taxes. That’s so you don’t just give away your estate shortly before death to […]
“Bunching” deductions could >cut< your taxes
Getting the most benefit from tax deductions requires multi-year planning as well as consideration of the alternative minimum tax (AMT). The multi-year part involves “bunching” your expenses. That’s a strategy where you decide to accelerate or delay payments between different years for itemized deductions such as state income taxes, routine health care, and charitable contributions. […]
Think Before You Click — Avoid Identity Theft
The e-mail from your bank gets your attention right away. It says you need to log into your account in the next 48 hours to continue your online privileges. Something about a system upgrade. You wonder, is it legitimate? How can you know for sure? Bogus e-mails designed to steal your identity, also known as […]
Filing Reminder for Tax-Exempts
Tax-exempt organizations are required to file annual reports with the IRS. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. The deadline for nonprofit filings is the 15th day of the 5th month after their year-end. For calendar-year organizations, the filing deadline for 2011 reports was […]
Tax Alert: Plan now for changes in 2013
What’s the summertime forecast? From a tax perspective, the outlook calls for planning now to prepare for changes gathering on the horizon – specifically, provisions currently expected to take effect in January 2013. Here are four new rules to think about during your mid-year tax review: A decrease in tax-free contributions to your flexible spending […]
Take Steps to Build a Better Business
Business owners focus a lot of attention on building better products. When their products are hot, the company does well, despite other shortcomings. Certainly, new and better products are essential, but focusing on building a better business – one that readily adapts to change and quickly responds to crisis may be even more important. How […]
IRS expands “Fresh Start” program for those who owe taxes
Taxpayers who are struggling to pay their taxes may get some relief from the IRS’s expansion of its Fresh Start initiative, a program started back in 2008. New provisions provide penalty relief to the unemployed, while making installment agreements on taxes owed available to more people. Normally, a ‘failure-to-pay’ penalty of one-half of one percent […]
Deadline Looms to File 2008 Return & Collect Refund
The IRS is reminding people that they have until April 17, 2012, to file a return for 2008 and collect any refund due. According to the IRS, refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008. However, to collect the […]
Selling your business? Watch out for scams
You’ve spent years developing your business, building its value, enhancing its reputation. Now you’re ready to move on. You place a “Business for Sale” advertisement in the Internet classifieds, and the next day an eager – overly eager – buyer approaches you with a deal that seems too good to be true. The buyer offers […]
IRS expands innocent spouse relief
If you file a joint income tax return with your spouse, you are considered “jointly and severally” liable for the payment of all taxes owed. The IRS can come after either you or your spouse for the entire amount of tax due, plus any penalties and interest due. The law has “innocent spouse” rules that […]