Where do you stand statistically in comparison to other taxpayers? Find out in the spring 2012 issue of the Statistics of Income Bulletin, which the IRS recently released to the public.
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.
If you want to make a large donation to your favorite charity, you don’t necessarily have to give cash. Instead, you might donate shares of stock in your portfolio. Strategy: All other things being equal, give away stock with a low tax basis. Conversely, you should generally hold onto stock with a high basis.
Q. My husband and I are getting a divorce. If we sell our home afterward, can we still claim the home sale exclusion?
The IRS has issued new guidance on an important change for flexible spending accounts (FSAs) beginning in 2013. A $2,500 cap will apply to contributions made to health care FSAs. The limit on FSAs for dependent care expenses remains at $5,000.
If your child will be entering or returning to college this fall, he or she may prefer off-campus housing to living in a dorm. At the same time, you could be looking to acquire real estate property for the investment and tax benefits. Fortunately, there’s a way you can kill two birds with one stone.
Q. I have to take required minimum distributions from my IRAs. Can I take the RMD for the current tax year from just one of the IRA accounts?