If you live in a federally designated disaster area like the one hit by Hurricane Sandy, you don’t have to wait until you file your 2012 tax return to obtain tax relief.
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Small Business Tax Strategies
Now that the dust has settled after President Obama’s re-election, what can we expect on the tax front for 2013? In particular, will a slew of tax increases scheduled to take effect this year be repealed, modified or allowed to stand? Here’s a bird’s-eye view of what you might see in 2013.
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The impending “fiscal cliff” isn’t the only important tax issue facing Congress. The tax breaks available for adopting a child will be drastically scaled back in 2013 unless the rules are changed.
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The IRS has announced more than two dozen inflation-based adjustments for retirement plans and other tax parameters for 2013, including the following.
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Q. I’ve invested thousands of dollars in sound systems, instruments and equipment for my band. Can I use the expenses in past years to offset income in 2012?
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Q. Can I deduct the cost of Jenny Craig food if my doctor told me to go on a diet?
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If Congress doesn’t act, a tax break for hiring qualified veterans will vanish.
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Q. I gave each of my adult children $10,000 before the holidays. Can I increase these amounts without paying gift tax? C.G., New Britain, Conn.
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The IRS says it will focus on these eight areas in small business audits in 2013:
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With the prospect of higher taxes in 2013, plus the imposition of the new 3.8% Medicare surtax on investment income, it makes more sense than ever for well-off individuals to convert a traditional IRA to a Roth. Strategy: Set up multiple Roth IRAs based on the asset classes of the current investments in your traditional IRA.
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