Archive for Taxes
It’s Important to Pay Taxes in Full
As the April 15 deadline approaches, we begin to receive calls from taxpayers who do not have the ready cash needed to pay their tax liability. There are significant penalties for failing to pay your tax liability by the April 15 due date. Whether paying with a timely filed tax return, or filing and paying […]
RMD’s Suspended for 2009
A new law passed late in 2008 allows taxpayers age 70-½ and over and those who have inherited IRAs (beneficiaries) to forego their required minimum distribution (RMD) from 401(k) plans, IRAs, and similar retirement arrangements for 2009. Thus, these individuals can take a distribution less than required, even none, and avoid the 50% RMD penalty. […]
Business Changes for 2009
Over the past several months, Congress has been enacting legislation to stabilize the economy. At the urging of the incoming administration, Congress is working on yet another stimulus plan. As they make temporary changes to the tax code and extend expiring provisions, and with the phase-in phase-out provisions of earlier legislation, it becomes more difficult […]
Tips for Recently Married or Divorced Taxpayers
Newlyweds and the recently divorced taxpayers should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund. • For recently married taxpayers, the tax scenario begins when the bride says “I do.” If she takes her husband’s last name, but […]
Recovery Rebate Credit
Notice: This credit is for those who did not receive the maximum Economic Stimulus Payment available. If you received the full amount of your stimulus payment, you most likely will not be eligible for this credit. For 2008, you generally can claim a recovery rebate credit of up to $600 ($1,200 if married filing jointly). […]
Use Like-Kind Exchanges to Defer Taxes
Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. However, the tax code provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a […]
Is Now the Time to Consider Rental Property?
Does the decline in real estate values present a business opportunity? Real estate rentals historically have been a popular long-term investment, and if you believe that this market eventually will rebound from its current slump, this may be the time to consider such an investment. This material will explain some of the tax ramifications of […]
Life After the Real Estate Bubble Burst
With lenders becoming more conservative, money tightening up, and the real estate market in decline, many homeowners and speculators find themselves faced with some unpleasant choices. One strategy is to wait until home prices rebound, but that could be some time and probably too far off for the owner with a variable rate or short-term […]
Lunch as a Business Expense
Many individuals spend time away from their offices while calling on customers and vendors. As a result, they end up having to buy their lunch and want to deduct the cost of that lunch as a business expense. Unfortunately, the cost of meals can only be deducted when you are away from home overnight. However, […]
Economic Stabilization Legislation
On October 3, 2008, Congress passed and the President signed into law the “Economic Stabilization” legislation, which included numerous tax law changes that are mostly pro-taxpayer. These changes will impact just about everyone, and you are encouraged to review them below. Please call this office if you have questions about any of the provisions or […]