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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 in the same or lower tax bracket in 2014, consider: … Continue reading
Beware Of The AMT When Doing Year-End Tax Planning
As year-end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax. But you must beware of the alternative minimum tax (AMT) — a separate tax system that limits some deductions and … Continue reading
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 in 2013). But even with the rising exemptions, making annual … Continue reading
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 income tax on the distribution. This “charitable IRA rollover” can … Continue reading
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 faster, perhaps dramatically increasing your current deductions. Typical assets that … Continue reading
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 longer subject to risk of forfeiture or it’s sold … Continue reading
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 adjusted gross income (MAGI), which can also help you … Continue reading
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 qualified principal residence indebtedness (QPRI). The exclusion had been available … Continue reading
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 improve tangible property to be capitalized but allow amounts for … Continue reading
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 owe a new Medicare contribution tax, also referred to as … Continue reading