by mariettacp | Dec 31, 2010 | Money Tips, Tax Planning, Tax Tips
To maximize your pre-tax deductions, review your FSA contributions to make sure they match up with your spending. Increase the amount you set aside for next year in your employer’s health flexible spending account (FSA) if you set aside too little for this year....
by mariettacp | Dec 17, 2010 | Money Tips, Tax Planning, Tax Tips
Taking steps today to reduce your tax burden tomorrow is a smart way to manage your tax liability. Review your investment portfolio for opportunities to realize losses on stock while substantially preserving your investment position. There are several ways this can...
by mariettacp | Dec 15, 2010 | Money Tips, Payroll, Tax Planning, Tax Tips
Employers are exempted from paying the employer 6.2% share of Social Security employment taxes on wages paid in 2010 to newly hired qualified individuals. These are workers who: (1) begin employment with the employer after Feb. 3, 2010 and before Jan. 1, 2011, (2)...
by mariettacp | Dec 13, 2010 | Money Tips, Tax Planning, Tax Tips
Interested in expanding your investment portfolio while limiting your tax burden? Purchase qualified small business stock (QSBS) before the end of this year. There is no tax on gain from the sale of such stock if it is (1) purchased after September 27, 2010 and before...
by mariettacp | Dec 9, 2010 | Money Tips, Tax Planning, Tax Tips
Feeling particularly generous? Make annual exclusion gifts before year end to save gift tax (and estate tax if it is reinstated). You can give $13,000 in 2010 or 2011 to an unlimited number of individuals free of gift tax. However, you can’t carry over unused...
by mariettacp | Dec 6, 2010 | Money Tips, Tax Planning, Tax Tips
Convert your traditional IRA into a Roth IRA if doing so is expected to produce better long-term tax results for you and your beneficiaries. Distributions from a Roth IRA can be tax-free but the conversion will increase your adjusted gross income for 2010. However,...
