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Top 5 Year-End Corporate Tax Planning Tips

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Part 3 of 3: Fiscal Cliff and Tax Planning for Small Businesses

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Part 1 of 3: Fiscal Cliff and Tax Planning for Medicare Surtax

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Bonus Depreciation & Section 179 Depreciation Deduction Rules for 2012

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Taxpayers may want to consider making fixed asset purchases before December 31, 2012 to take advantage of two accelerated depreciation options:
1.      Bonus Depreciation: For most qualified property placed into service in between January 1, 2012 and December 1, 2012, the maximum bonus depreciation allowance is 50% of the cost of the property.  Purchasing  new assets that have a useful life of 20 years or less generally qualify for bonus depreciation.  Bonus depreciation amounts are based upon a calendar year.
2.       Section 179:  For tax […]

Here is a list of 10 deductions individual taxpayers may overlook


Now that all the 2011 tax deadlines have passed, it is a perfect time to start planning for the next tax season.
Here is a list of 10 deductions individual taxpayers may overlook provided by Bankrate.com:
  1. Additional charitable gifts – everyone knows the donation itself is a deduction, but did you know certain expenses are deductible as well?  For example, you could be reimbursed charitable miles at $0.14 per mile, the cost of any supplies bought for the group, and if a uniform is required, you could deduct the cost of that uniform and its cleaning bills.
  2. Moving expenses – there are many moving expenses you can deduct when you relocate.  For example, even your first relocation after college to start a new job is deductible.
  3. Job hunting costs – costs related to searching for a new job in your current profession can be […]

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2012 Year-End Tax Planning Takes a Different Direction

Each year we meet with our clients to review their projected taxes for the year and see what actions can be taken to minimize their tax liability.  The usual actions are to defer income to the following year, accelerate deductions into the current year, and take advantage of tax credits. This year, the year-end tax planning process is turning in a different direction.  
With the looming expiration of many tax deductions and increase in tax rates that begin in 2013, some clients are considering taking a reverse course by accelerating income and deferring deductions as a plan to minimize taxes. In addition to changes in the income tax code, unless Congress passes new legislation, the estate taxes are dramatically changing in 2013. Until December 31, 2012 each person can make gifts during their lifetime of up to $5,120,000 without incurring a gift tax. Starting in 2013, unless new legislation is passed, the lifetime exemption drops back to $1,000,000. This exemption is in addition to the annual exemption on gifts of $13,000 or less.  
As year-end is quickly approaching, now is the time to review […]

CA sales tax will be added to online purchases (Amazon, etc) starting 9-15

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By |September 26th, 2012|amazon, ca, CPA, Linkenheimer, sales tax, Santa Rosa|0 Comments

Planning for the Medicare 3.8% Tax- Net Investment Income, Deductions and More



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A Parents Best Intentions

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