Highlights of the Fiscal Cliff Tax Legislation
As you may already be aware, the House approved to avert the fiscal cliff late Tuesday evening. The approved plan maintains tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. The bill also extends unemployment insurance and delays for two months a series of automatic cuts in federal…
Take Advantage of These 10 Tax Breaks
As a taxpayer, it’s your goal to make sure the IRS receives as little from you as possible. One way to ensure this is to take advantage of every tax deduction available to you. Below are 10 tax breaks commonly overlooked by taxpayers, but that could result in a lot of saved dollars: Additional charitable…
3 tax increases under the fiscal cliff deal
On Jan. 2, Congress passed the American Tax Relief Act to address the fiscal cliff. The act makes permanent 2012 income tax rates for most taxpayers, as well as alternative minimum tax relief. It also extends many other breaks for individuals and businesses. However, the fiscal cliff deal does result in some tax increases; here…
10 Ways to Help Prepare for Your Golden Years
With the start of a new year behind us now, it’s the perfect time to consider securing your upcoming retirement. Below are just a few ways on how to prepare for the golden years. Save 1 percent more. Consider setting your 401(k) or IRA a bit higher next year, especially if you receive a raise…
Money Saving Ideas for 2013
The start of a new year is the perfect time to assess your savings, and modern technology allows for more ways than ever to do so. Check out the methods below and make sure you’re taking advantage of these opportunities: Examine online banks: The average savings account interest rate at online banks is nearly three…
2 reasons to sell highly appreciated assets before year end
If you own highly appreciated assets you’ve held long term, it may make sense to recognize gains now rather than risk paying tax at a higher rate next year: The 15% long-term capital gains rate is scheduled to return to 20%. Higher-income taxpayers will be subject to a new 3.8% Medicare tax on some or…
Avoid These Behaviors When it Comes to Your Money
Recognizing you have a problem when it comes to your finances isn’t that difficult. After all, you have multiple people telling you you’re in money trouble. You’ll receive overdue notices, bank overdraft fees and plenty of credit card denials. However, even after people realize they have a problem they often fail to address it. Below…
Why businesses should consider purchasing vehicles before year end
Business-related purchases of new or used vehicles may be eligible for Section 179 expensing, and business-related purchases of new vehicles may be eligible for bonus depreciation. But Sec. 179 expensing limits are scheduled to go down in 2013, and bonus depreciation is scheduled to disappear. So you might benefit from purchasing business vehicles before year…