Articles
Deductions for the 2010 Small Business Jobs Act
The Small Business Jobs Act doubled the amount that could be written off for 2010 to $10,000 and increased the phaseout threshold from $50,000 to $60,000. It is important to note that this increased deduction is temporary, and only applies to tax years beginning in...
What Is The 2010 Small Business Jobs Act?
If you've recently started a business, or if you're in the process of starting one, you should be aware of a tax law change that could make a big difference in your tax bill. The 2010 Small Business Jobs Act doubled the amount of start-up expenses that someone...
How to Benefit From a Charitable Remainder Annuity Trust (CRAT) – Part 3
A taxpayer can establish a CRAT either during the taxpayer's life, or through a provision in the taxpayer's will. If the taxpayer establishes the trust during the taxpayer's life, the taxpayer receives a charitable deduction for income tax purposes, or...
How to Benefit From a Charitable Remainder Annuity Trust (CRAT) – Part 2
A specified percentage of the initial value of the trust assets, or a fixed sum, must be payable at least annually to a non-charitable beneficiary or beneficiaries, who are living at the time the trust comes into being. The payments should be made for a specified...
How to Benefit From a Charitable Remainder Annuity Trust (CRAT) – Part 1
Looking for an opportunity to save income, gift or estate taxes through a charitable contribution, while retaining, for a time, an income interest? These considerable tax savings are available through the use of a charitable remainder annuity trust (CRAT). Over the...
Employer-Provided Group Term Life Insurance (Part 2)
What should you do if you think you might be one of the people for whom the tax cost of employer-provided group term life insurance is undesirably high? First, you should determine if this is actually the case. If a specific dollar amount appears in Box 12 of your...
Employer-Provided Group Term Life Insurance (Part 1)
Does your employer provide you with group term life insurance? If so, and if your salary is higher than $50,000, this employee “benefit” may be creating undesirable income tax consequences for you. Here's why. The first $50,000 of group term life insurance coverage...
Recovering Withheld Social Security Taxes
Each of your employers is obligated to withhold social security taxes from their wages, even if the total they withhold exceeds the maximum amount of tax that can be imposed for the year—$6,622 in 2010 (equal to 6.20% of the $106,800 wage base); $4,486 in 2011 (4.20%,...
IRS Code Section 179 Election – Recapture
If you dispose of the property, or stop using it in a trade or business, before the end of the cost recovery period that would have applied to the property had you not made the election for the property, all or part of the amount of the deduction you claimed under the...
IRS Code Section 179 Election – Taxable Income Limit
If your taxable income from all of your trades or businesses is less than the dollar limit for that year, the amount for which you can make the IRS Code Section 179 election is limited to that taxable income. However, for most types of property, any amount you can't...
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