by mariettacp | Dec 2, 2010 | Money Tips, Tax Planning, Tax Tips
If you have reached age 70 1/2, , another way to reduce your federal tax bill is to take required minimum distributions (RMD) from your IRA or 401(k) plan (or other employer-sponsored retired plan). Failure to take a required withdrawal can result in a penalty of 50%...
by mariettacp | Nov 30, 2010 | Money Tips, Tax Planning, Tax Tips
Hire a worker who has been unemployed for at least 60 days before year end if you are thinking of adding to payroll soon. Your business will be exempt from paying the employer’s 6.2% share of the Social Security payroll tax on the formerly unemployed new-hire...
by mariettacp | Nov 28, 2010 | Money Tips, Tax Planning, Tax Tips
Thinking of buying new office equipment? Put new business equipment and machinery in service before year-end to qualify for 50% bonus first-year depreciation allowance. Unless Congress acts, this bonus depreciation allowance won’t be available for property...
by mariettacp | Nov 26, 2010 | Money Tips, Tax Planning, Tax Tips
To help reduce your tax liability, you can make expenses qualifying for the $500,000 business property expensing option. The maximum amount you can expense for a tax year beginning in 2010 is $500,000 of the cost of qualifying property placed in service for that tax...
by mariettacp | Nov 26, 2010 | Money Tips, Tax Planning, Tax Preparation
New classifications for business property and limitations of reporting penalties can simplify and encourage record keeping. Cell phones no longer listed property. This means that cell phones can be deducted or depreciated like other business property, without onerous...
by mariettacp | Nov 24, 2010 | Money Tips, Tax Planning, Tax Tips
A great way to help ease your tax burden is to set up a self-employed retirement plan if you are self-employed and haven’t done so yet. Our CPAs would be happy to assist you.
