Smart timing of business income and expenses can save tax — or at least defer it!
By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be [...]
Don’t Skimp on S-Corporation Salaries
S-Corporation owners often take modest salaries as a tax-saving strategy. By distributing most of the corporation’s profits in the form of dividends rather than wages, the company and its owners [...]
How to use your home equity
Article By Melinda Fulmer of MSN Real Estate Home values are creeping back up, and equity is making a comeback. Here's what to do with the money your home is [...]
Even with rising exemptions, 2013 annual exclusion gifts still a good idea
Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million [...]
Maximize your 2013 depreciation deductions with a cost segregation study
If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much [...]
Will your executive compensation be subject to expanded Medicare taxes?
Maybe. The following types of executive compensation could be subject to the health care act’s 0.9% additional Medicare tax: Fair market value (FMV) of restricted stock once the stock is no [...]
2013 may be your last chance for a “charitable IRA rollover”
If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any [...]
Why you should max out your 2013 401(k) contribution
Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: Contributions are typically pretax, reducing your modified [...]
IRS Sets Per Diem Rates for Lodging, Meals and Incidental Expenses
Originally published in Accounting Today for the Web CPA, Washington, D.C. By Michael Cohn (September 26, 2013) The Internal Revenue Service has set the per diem rates that taxpayers [...]
Expiration date for home mortgage debt forgiveness rapidly approaching
Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with [...]
IRS issues final regulations on tangible property expenses
The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code. These sections require amounts paid to acquire, produce or [...]
Will your investment income be subject to the new 3.8% NIIT?
Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may [...]
Start planning now if you’d like to deduct medical expenses
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to [...]
Social Security traps to avoid
Social Security traps to avoid (For full story visit msn.com) When the time comes for you to collect Social Security, make sure you know the ins and outs of this [...]
Owners of leasehold, restaurant and retail properties must act soon to enjoy extended depreciation-related breaks
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying [...]