by | Nov 30, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
Now that the election is over, Congress is finally concentrating on the “fiscal cliff” and its “Taxmageddon” element. If they do nothing, a massive tax increase will hit every taxpayer and worker. It is doubtful that Congress will allow so many Americans...
by | Nov 16, 2012 | Accounting & Bookkeeping, Business Success Series, Current Affairs, Income Taxes, Tax Tip of The Week
Now that the election is over, Congress is finally concentrating on the “fiscal cliff” and its “Taxmageddon” element. If they do nothing, a massive tax increase will hit every taxpayer and worker. It is doubtful that Congress will allow so many Americans...
by | Nov 7, 2012 | Income Taxes, Tax Tip of The Week
When you receive a W-2G for gambling winnings, you are allowed to deduct your losses up to the amount of your winnings. But you must be able to prove your losses with some form of documentation. In a recent Tax Court case (Rios, TC. 2012-1128) the taxpayer was...
by | Oct 24, 2012 | Tax Tip of The Week
2012 is a great year to buy a heavy SUV! You can deduct much of the cost this year. Let's assume that your business purchased and started using a new heavy SUV costing $60,000 before December 31 of this year. The business could take a total...
by | Oct 19, 2012 | Small Business Owners, Tax Tip of The Week
Very often, the founder of a company wishes to pass ownership of a business to his children. But in order to get advantageous capital gain rates, it is important to meet certain requirements. The IRS in a recent private letter ruling stated that the founder...
by | Sep 19, 2012 | Income Taxes, Tax Tip of The Week
A taxpayer made a contribution to her church’s scholarship fund. She wanted it to be used to pay the tuition of the minister’s daughter. The IRS determined that the contribution was really a gift from her to the minister’s daughter. Accordingly,...
