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 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 14, 2011 | Charitable Contributions
You can donate property as well as money to a charity. You can generally take a deduction for the fair market value of the property; however, for certain property, the deduction is limited to your cost basis. You may also be able to deduct charity-related travel...
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 9, 2011 | Gifts
For many, sound estate planning begins with lifetime gifts to family members. in other words, gifts that reduce the donor’s assets subject to future estate tax. Such gifts are often made at year-end, during the holiday season, in ways that qualify for exemption...
