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Overcast ~ High: 37°F ~ Low: 28°F Thursday, Feb. 9, 2012 |
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There's still time to make 2010 tax-free gifts
Posted Thursday, December 9, at 9:35 AM The tax code allows you to give away up to $13,000 each year to as many people as you want, without triggering gift tax. If you and your spouse "split" your gifts, you can double this $13,000 annual gift-tax exclusion and give $26,000 per recipient...
Shopping tip: Give financial gifts this holiday season When planning gifts for children on your holiday list, you might want to think beyond the traditional retail offerings. Consider financial gifts that can bestow benefits for many years to come. Some financial gift options you might consider: Please call me if you would like to review the tax issues related to any of these financial gift options, especially if you are considering a larger amount...
Look into this new 2010 tax credit for your small business When small business owners think about the recent health care reform, they may be thinking only of its long-term implications. But the legislation actually provides an immediate tax break for qualified small businesses and nonprofit organizations. Beginning this year, the "Patient Protection and Affordable Care Act" offers a tax credit of up to 35 percent of employer-paid health care costs. Does your business qualify? The answer lies in a little math...
A review course on education tax credits As the fall semester starts up, so do questions about education tax credits. The interest is natural - credits are valuable tax breaks, because you can subtract them directly from the income tax you owe. So what education credits can you claim on your 2010 federal income tax return? The Hope Scholarship/American Opportunity Credit and the Lifetime Learning Credit are available this year, and, as you may already know, have many similarities...
Tax rates over the years Tax rates are scheduled to go higher next year, with the top rate once again hitting 39.6 percent. For a look at tax rates over the years, here's a partial history of our federal income tax rates for individuals since the income tax was created in 1913:...
Evaluate risk in your investments If nothing else, the recent financial meltdown provided an important learning experience and reinforced time-tested concepts about risk in investing. None of these lessons will comfort investors. However, we can still evaluate investment risks, at least on a relative scale...
Don't fall for a health care reform scam The new health care law is confusing to many, and the con artists are wasting no time in taking advantage of people's uncertainty about the new rules. State insurance commissioners warn that con artists are calling, e-mailing, and even showing up at people's doors trying to sell insurance policies they say are required under the new law...
How to prevent employee theft Employee embezzlement and other forms of theft often follow a predictable pattern. First, the employee is faced with significant external pressures such as high gambling debts, mounting medical bills, or substance abuse problems. To relieve this pressure, he or she finds an opportunity to steal from the company, especially if the firm's internal controls are perceived to be weak. ...
Financial issues the second time around Over five million people will exchange marriage vows each year. Among the starry-eyed newlyweds walking down the aisle will be a number of middle-aged folks tying the knot for the second time around. These couples face some unique financial planning issues. If you're marrying again in your 40s, 50s, or beyond, here are some suggestions you should consider:...
When you buy a house, check the paperwork for tax benefits If you buy a house this year, you'll close the deal by signing a mind-numbing stack of papers. When that's finished, don't just file the documents away in a drawer. Hidden in there are some deductions you might be able to take this year, and others that could increase your profit when you sell...
Do some midyear planning if you want lower taxes for 2010 Summer's here, and probably the last thing on your mind is tax planning. The problem is that if you wait until December, there's little time for changes to take effect. But if you take the time to plan now, you still have six months for your new tax strategies to make a difference on your 2010 tax return. So set aside some time for tax planning. Begin by pulling out your 2009 income tax return...
Con artists target the unemployed Federal officials have recently warned that employment-related scams are soaring. As the economy struggles and unemployment grows, ads for bogus jobs are on the rise. The ads are popping up everywhere from local newspapers to signs on the corner telephone pole. The Internet makes it easy for con artists to defraud victims with e-mail pitches and online job boards...
Make time for midyear tax planning Don't forget to put a little tax planning on your busy summer agenda. Not only have we had legislation this year that will affect your taxes, but also this is the year that the 2001 tax law will "sunset" or expire. At the point of major tax change, there are always opportunities and pitfalls that should be analyzed if you want to keep your taxes to a minimum...
Tax refunds may be delayed this year Your tax refund may be a little slow in coming this year. Problems relating to the Making Work Pay Credit, Economic Recovery Payments, and the Homebuyer's Credit are creating delays in refunds. The IRS is reminding taxpayers that the status of refunds can be checked at the IRS website (www.irs.gov). ...
Taxes & summer jobs Is your child looking for a job this summer? If so, you both may have questions about taxes. Here are three common concerns. If you have other questions about the tax implications of a summer job, give me a call. Many Happy Returns Ed Gallatin CPA...
Notice June Brides Getting married changes your tax situation If wedding bells are in your future, your tax situation will be changing also. For starters, your tax filing status will change. You will have the choice of filing a joint return with your spouse or filing a separate return as a married person...
IRS audit plans revealed The IRS has announced 2010 audit plans, which include audits in the following three areas: Many Happy Returns Ed Gallatin CPA...
Need a business loan? Here are the documents you'll need Despite the recent bank bailouts, credit is still tight for small business owners. How can you improve the chances of obtaining a bank loan for your small business? Specifically, you will need to gather documents to provide the lender with a complete picture of your situation...
Oops! What if you make a mistake on your tax return? What should you do if you find that you made a mistake on your tax return? Perhaps you find that you missed a big deduction. Perhaps you receive a late notice of income you earned. Or perhaps you should have itemized instead of taking the standard deduction. The answer is not to panic. Chances are you still have plenty of time to amend your return...
Act now, pay later with a Roth conversion Are you thinking of converting your traditional IRA, SEP IRA, SIMPLE IRA, or other qualifying retirement plan to a Roth IRA this year? Depending on your tax bracket and financial situation, acting in 2010 could be a good idea. One reason: For conversions made this year, a change in the law provides a one-time "act now, pay later" option...
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Hot topics Shopping tip: Give financial gifts this holiday season(1 ~ 4:52 AM, Jan 10)
There's still time to make 2010 tax-free gifts
Look into this new 2010 tax credit for your small business
A review course on education tax credits
Tax rates over the years
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