Taxes

The Fiscal Cliff Deal, Winners and Losers & What It Means To Your Personal Finances

The showdown in Washington over Federal taxes and spending ended with an agreement signed into law this week. Here are the losers and winners that we can see at this point. Further analysis is forthcoming of H.R.8 – American Taxpayer Relief Act of 2012, and will be reported to you later this [...]

Do you want to know what the fiscal fight is really about?

This is a non-partisan article about what the fiscal cliff fight is really about. It is a philosophical battle, but if you read the newspapers, and watch TV news, you will not get this story. Believe you me, I have watched and read many commentaries and opinions about this, but no one has yet to [...]

2013 IRA and Retirement Plan Contribution Limits

The Internal Revenue Service (IRS) recently published the new rules for contributions into retirement plans and IRAs for 2013. Some of these numbers have increased, and are good for you to know if you participate in IRAs (individual retirement accounts) or retirement plans like 401(k)s, sponsored [...]

Tax Planning: In Uncertain “Fiscal Cliff” Times & Year End Tax Planning

Kevin Koval, CPA, ABV, CFP and Roger C. Nagel, CPA, CMA of Nagel, CPAs* With the completion of the presidential elections there has been much discussion focused on the so-called “fiscal cliff”. Many economic forecasts have stated that President Obama and Congress need to reach some agreement to [...]

Rules for Tax Deductions, Reporting and Privacy of contributions to Charities and Political Groups

There are many regulations regarding the reporting requirements, privacy and income tax deductibility of cash donations to organizations. Here is a brief list of some of the rules for cash gifts: Non-Profit charities 501(c)3 institutions include schools, churches, universities, hospitals and [...]

Obama Versus Romney Tax Rates

The presidential race tax debate faces Romney’s lowering them 20% for all, versus Obama’s increasing them for those in middle to higher incomes. For quite a while the tax burden has continued to shift to higher income people, and those on the opposite end pay less and less taxes, per the Wall [...]

Future of the Federal Estate Tax

The Federal Estate Tax is the tax paid on assets that transfer at death. The current top rate is 35%, but it could increase to 55%, reverting to the 2001 tax rules if Congress doesn’t continue the lowering of tax of the Bush Administration. The current tax only applies to estates of $5,000,000 or [...]

Tax Prep Assistance

People have many option these days for tax preparation, all have their strengths and weaknesses: Doing it yourself: Tax preparation software like Turbo Tax, Tax-Cut, or just doing it in paper and pencil can be learning self educating experiences for those willing to invest their time. The software [...]

What to do with your Tax Refund

When we find out we are going to receive what might be thousands of dollars in tax refunds from the Federal or State Governments, we have two competing impulses:  wants versus needs. Those that are struggling may want to give this issue serious consideration, because any windfall like tax refunds [...]

IRS Issues its Annual Dirty Dozen Tax Schemes 2012

The Internal Revenue Service recently issued its annual “Dirty Dozen” ranking of tax scams to remind taxpayers to use caution during tax season Identity Theft. The IRS is seeing more identity thieves using legitimate taxpayer’s identity and personal information to file a tax return to claim a [...]

New Tax on Unearned Income Coming in 2013

You may have received a chain email about a new real estate sales tax of 3.8% in the President’s health care bill. Is this true, you may be wondering?  Kind of, the tax is on unearned income, and is part of ObamaCare to help generate revenues for the Medicare Trust Fund, but it only applies to a [...]

Commingle Personal and Business Finances? Never!

Today’s post comes from Mary Hunt of Debt Proof Living, and author of 7 Money Rules for Life Dear Mary, I am reading your book, “Debt-Proof Living,” and have begun tracking my expenses. I have a home-based business. Should I include business expenses or just personal expenses in the tracking? Lucy, [...]

5 Little-Known Tax Deductions

Excellent article at Smart Money about these 5 Little-Known Tax Deductions is worth checking out: Medicare Insurance and Long-Term Care Premiums Medical Expenses Paid by Someone Else Real Estate Taxes Paid by Someone Else Home Mortgage Points Paid by Someone Else Fees to Charge Taxes to Your [...]

9 Common Overlooked Tax Areas

 The Ernst and Young Tax Guide for 2012 listed 50 of the most easily overlooked deductions. You may want to purchase this large book or look at what is listed on their website.  Also see IRS.gov for a list of highlights and Whats Hot. My list will touch on a few of them that I often see. Remember – [...]

8 General Tax & Accounting Tips

A very important part of personal financial planning is tax planning. As you prepare for tax season, here some general things to consider:  Be aware of the different types of taxes: Many people are not aware of the different types of tax systems that we have. The following are the most common [...]

Tax Cut Deal Agreed to

The House plans to vote on a new version of the Senate-passed bill to extend the payroll tax cut that was set to expire January 1st. What this means immediately to your personal finances is that your net take home pay decrease remains at least for a couple more months, by not reverting to the 6.2% [...]

Tax Strategy Patents

Some providers of financial products and services, think that they have found or created a unique tax strategy and will submit that strategy for patent protection. Some believe that owning such a strategy provides them with market protection and potential income when others what to license their [...]

Tax Breaks for Special Education

The article Tax Report: Hidden Tax Deductions for Special Education, in the 11/13/11 Wall Street Journal highlights several tax breaks for students who fall into the “Special Needs Category.”  This article is worth reading if you have special needs children in your family, or you do financial [...]

Student Tax Breaks

Most articles about college education planning provide valuable information for parents who are saving and investing for their children’s education, as well as various options for financial aid and student loans. However, what options are there for students that don’t qualify for aid and want to [...]
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