by Hilary Craig | Nov 18, 2011 | Deductions
It may be beneficial to accelerate paying deductions such as paying your 4thquarter state estimated tax installment in December instead of at the January due date. Pay your entire property tax bill, including installments due in year 2012, by year-end. Try to bunch...
by Hilary Craig | Nov 17, 2011 | Business Tax Tips
This is also known as Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of reasons. First, is that starting in tax year 2010 and continuing into tax year 2011, the maximum Section 179 expense deduction for equipment...
by Hilary Craig | Nov 16, 2011 | Tax Credits
If you haven’t taken advantage of energy tax credits for your home, 2011 is your last chance. The credits–10% of cost up to $500 or a specific amount from $50 – $300–expire on December 31, 2011 and only apply to improvements in an existing home...
by Hilary Craig | Nov 15, 2011 | Business Tax Tips
Partnership or S Corporation Basis. Partners or S corporation shareholders in entities that have a loss for 2011 can deduct that loss only up to their basis in the entity. However, they can take steps to increase their basis to allow a larger deduction. Basis in the...
by Hilary Craig | Nov 14, 2011 | Deductions, Gifts
Looking Ahead to Tax Changes for 2012 The value of each personal and dependent exemption will increase $100 to $3,800 in 2012. The new standard deduction is $11,900 in 2012 for married couples filing jointly. Individuals and married people filing separately will see...
