In your tax planning, don't overlook how your tax-saving strategies might be affected by the alternative minimum tax.
Wednesday, October 31, 2012
Friday, October 26, 2012
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but it can also be considered taxable income by the IRS.
Monday, October 22, 2012
Tuesday, October 16, 2012
If your business is incorporated, it is often a good idea for you to personally own the business real estate and lease it to your corporation. There are a number of tax and nontax concerns relating to real estate ownership. For the income tax considerations, see us before you acquire new business property or before you change the ownership of property you already have.
Thursday, October 11, 2012
Review your S corporation basis before year-end. Check your basis in any S corporation in which you are a shareholder and where you expect a loss this year. Be sure you have sufficient basis to enable you to take the loss on your tax return.
Monday, October 8, 2012
Friday, October 5, 2012
Don't let penalties for underpaid taxes increase your tax bill next April. Check the total tax you've paid in for 2012 through withholding and/or quarterly estimated payments. If you've underpaid, consider adjusting your withholding for the final pay periods of 2012. Withheld taxes are considered paid in equal amounts during the year regardless of when the tax is withheld. Therefore, a year-end adjustment to your withholding could help you avoid a penalty.