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 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...
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 | 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...