Money Education for the Next Generation
It is no surprise that credit card companies, banks, and loan companies spend an incredible amount of money on marketing their products to consumers. To make matters even worse, the majority of their marketing efforts are seen by young consumers who have not had the benefit of receiving education on making good money decisions. A…
Smart timing of business income and expenses can save tax — or at least defer it
By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be in the same or lower tax bracket in 2014, consider: Deferring income to 2014. If your business uses the cash method of accounting, you can…
8 Tax Breaks You Might Miss Out On
The year is fast approaching and the time to get your financial ducks in a row is getting shorter. Make sure you are getting all the tax breaks you can qualify for in order to lower your tax liability. There are eight tax breaks expiring at the end of 2013 – take advantage of them…
Beware of the AMT when doing year-end tax planning
As year end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax. But you must beware of the alternative minimum tax (AMT) — a separate tax system that limits some deductions and doesn’t permit others, such as: State and local income tax deductions, Property tax deductions,…
Preparing for the 0.9% Obamacare Tax
With all of the talk about signing up for exchange insurance, losing insurance plans, and broken websites, individuals may not be aware of the 0.9% Medicare surtax that will be assessed on 2013 taxes. This surtax will be assessed on wages and self-employment income over a specified amount. For married couples it will be applied…
Even with rising exemptions, 2013 annual exclusion gifts still a good idea
Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million in 2013). But even with the rising exemptions, making annual exclusion gifts is still a good idea. The 2013 gift tax annual exclusion allows you…
Handing Down the Family Business
As more and more boomers are getting ready to retire, many are looking at handing down the small businesses that they created. According to Avi Kestenbaum, a partner and co-chair of the Trusts & Estates Department at the law firm of Meltzer, Lippe, Goldstein & Breistone, only 30% of family businesses successfully pass from one…
2013 may be your last chance for a “charitable IRA rollover”
If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any income tax on the distribution. This “charitable IRA rollover” can be used to satisfy required minimum distributions. The American Taxpayer Relief Act of 2012 (ATRA)…
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