For many individuals, the ordinary federal income tax rates for 2013 will be the same as last year: 10%, 15%, 25%, 28%, 33% and 35%. However, the so-called fiscal cliff legislation passed early this year increased the maximum rate for higher income individuals to 39.6% (up from 35%). This change only affects taxpayers with taxable [...]
Do You Need a More Robust Version of QuickBooks? Maybe you just need to study your current version thoroughly. But it might be time to move up. If QuickBooks were just one product, its appeal would be more limited than it is. Because there’s an entire family of Windows desktop software applications (as well as [...]
Taxpayers are often confused about when a gift is taxable or nontaxable. We thought it would be a good time to review some basic information on the annual gift tax exclusion. Most gifts are not subject to the gift tax. For example, there is usually no tax when you make a gift to your spouse [...]
There’s a lot for taxpayers to know when it comes to the 3.8% net investment income tax (3.8% NIIT). This new tax is imposed on income from several sources and its impact is far reaching. Analyzing its impact can get complicated fast. Originating as a component of 2010 health care legislation and first effective in [...]
Several favorable business tax provisions have a limited term life that may dictate taking action between now and year-end. They include the following two provisions. Section 179 Deduction. Your business may be able to take advantage of the temporarily increased Section 179 deduction. Under the Section 179 deduction privilege, an eligible business can often claim [...]
Many people are aware that if they begin receiving social security retirement benefits prior to reaching their full benefit retirement age, their benefits will be reduced when their income exceeds a certain threshold ($15,120 in 2013). However, they may not know those lost benefits are partially restored upon reaching full retirement age. This is known [...]