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...
by Hilary Craig | Nov 11, 2011 | Capital Gains
Minimize taxes on investments by judicious matching of gains and losses. Where appropriate, try to avoid short-term gains, which are usually taxed at a much higher tax rate (up to 35%) than long-term gains, which in 2011 and 2012 are taxed at rates of zero and 15...
by Hilary Craig | Nov 7, 2011 | Retirement
Maximize your retirement plan contributions. If you own an incorporated or unincorporated business, consider setting up a retirement plan if you don’t already have one. (It doesn’t need to actually be funded until you pay your taxes, but allowable...
