Chances are, if you’re a high-income taxpayer, the scheduled 2013 tax rate increases on ordinary income and capital gains and dividends aren’t your only concern. You could also face a new 3.8% Medicare surtax on all or part of your net investment income. Strategy: Make your tax moves now. If you wait until the surtax kicks in next year, it may be too late.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
The IRS says that employers can’t round off to the nearest dollar on Form 941, Employer’s Quarterly Federal Tax Return.
To qualify for business loss deductions, you must show that you’re engaging in the activity to generate a profit. Otherwise, the amount you can write off is limited to the amount of your income from the activity, under the “hobby loss” rules ...
If the IRS Oversight Board is correct, many taxpayers will be asking “Where’s my refund?” next year.
Beginning next year, it will be even tougher for most taxpayers under age 65 to claim medical expense deductions. Therefore, if you expect to qualify for a deduction this year, it’s time to go for broke.