by mariettacp | Jan 12, 2011 | Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips
You may be able to reduce your tax liability through smart debt management planning. Consider whether to defer cancellation of debt (COD) income from the reacquisition of an applicable debt instrument in 2010. The business can elect to have the cancelled COD income...
by mariettacp | Jan 11, 2011 | Money Tips, Tax Planning
Our very own Larry Marietta will be a guest speaker at My REI Advisor Tele-Class: Tax Strategies – Use Them To Your Advantage. Mark Your Calendar – January 14th – Noon EST – Register At MyREIAdvisor.com for the FREE call today! Start the New...
by mariettacp | Jan 10, 2011 | Money Tips, Tax Planning, Tax Preparation
Increase your basis in a partnership or S corporation if doing so will enable you to deduct a loss from it for this year. A partner’s share of partnership losses is deductible only to the extent of his partnership basis as of the end of the partnership year in...
by mariettacp | Jan 7, 2011 | Money Tips, Tax Planning, Tax Tips
The total (aggregate) credit for energy efficient improvements to the home in 2009 and 2010 is $1,500. Unless Congress acts, this tax break won’t be around after this year. Additionally, substantial tax credits are available for installing energy generating...
by mariettacp | Jan 5, 2011 | Money Tips, Tax Planning, Tax Tips
Facing a penalty for underpayment of estimated taxes and the increased withholding option is unavailable or won’t sufficiently address the problem? Take an eligible rollover distribution from a qualified retirement plan before the end of 2010. Income tax will be...
by mariettacp | Jan 3, 2011 | Money Tips, Tax Planning, Tax Tips
Year-end tax planning tip of day: Increase your withholding if you are facing a penalty for underpayment of federal estimated tax. Doing so may reduce or eliminate the penalty. Contact your CPA if you have any questions about appropriate withholding rates. © 2010...
