by mariettacp | Jul 11, 2011 | Money Tips, Tax Tips
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...
by mariettacp | Jul 8, 2011 | Money Tips, Tax Tips
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...
by mariettacp | Jul 6, 2011 | Money Tips, Tax Planning, Tax Tips
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...
by mariettacp | Jul 4, 2011 | Money Tips, Tax Preparation, Tax Tips
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...
by mariettacp | Jul 1, 2011 | Money Tips, Tax Tips
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...
