Tax Planning – Page 3 – Marietta CPAs

30

May

2011 Tax Changes: Business Expenses of Professional Gamblers Not Limited

In Money Tips, Tax Planning, Tax Tips

Gambling losses may be deducted only to the extent of gambling winnings, even in the case of an individual engaged in the trade or business of gambling. Previously, the Tax Court had held that losses for purposes of the limitation included both the cost of wagers and business expenses. Earlier...

27

May

2011 Tax Changes: Disclosing Unreported Offshore Income

In Money Tips, Tax Planning, Tax Tips

The IRS has announced a second voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. It will be available through Aug. 31, 2011. As with the first offer, participants have...

25

May

Appeals Court upholds IRS’s Time Limit on Spousal Relief Requests

In Accounting News, Money Tips, Tax Planning

Married joint return filers are jointly and severally liable for the tax arising from their returns. Innocent spouses may request relief from this liability in certain circumstances. An IRS regulation states that a request for equitable innocent spouse relief must be no later than two years from the first collection...

23

May

2011 Tax Changes: Lien Procedures

In Money Tips, Tax Planning, Tax Tips

The IRS has announced new policies and programs to help taxpayers pay back taxes and avoid tax liens. The goal is to help individuals and small businesses meet their tax obligations, without adding an unnecessary burden to taxpayers. Specifically, the IRS is: 1) Significantly increasing the dollar threshold when liens...

20

May

2011 Tax Changes: Health Insurance & Deductible Medical Expenses

In Money Tips, Tax Planning, Tax Tips

There are a few changes regarding health insurance and medical expenses for 2011. These include: IRS further delays health insurance coverage information reporting for small employers. The new health reform legislation generally requires employers to report the cost of health insurance they provide to employees on their W-2 forms. Last...

18

May

2011 Tax Changes: New Deadline for Electing Modified Carryover Basis Rules

In Money Tips, Tax Planning, Tax Tips

There is a new deadline for electing modified carryover basis rules. Estates of decedents dying in 2010 can choose zero estate tax, but at the price of beneficiaries being limited to the decedents’ basis plus certain increases. The IRS has announced that Form 8939, Allocation of Increase in Basis for...

16

May

2011 Tax Changes: Guidance on 2010 Tax Relief Act’s 100% Depreciation Allowance

In Money Tips, Tax Planning, Tax Tips

The IRS has announced new guidelines on the 2010 Tax Relief Act’s 100% depreciation allowance in regard to qualifying new property. This property must have been acquired after September 8, 2010 and before January 1, 2012. The new rules allow: 1) A 100% bonus depreciation where work on a big...

14

May

2011 Tax Changes for Businesses and Investors: Real Estate Reporting

In Money Tips, Tax Planning, Tax Preparation

Tax laws are constantly being revised. As part of our service to our clients, we have summarized the most recent changes for your information. Today, we are discussing real estate reporting. For all payments made after December 31, 2010, individuals receiving rental property income will be treated as engaging in...

11

May

2011 Tax Planning – Health Insurance Credits

In Money Tips, Tax Planning, Tax Tips

Health insurance benefits are on the minds of all Americans, business owners and employees. Changes in the tax law make it easier then ever for business owners to take advantage of tax benefits as they offer insurance to their employees, and try to get coverage for themselves. Self-employed health insurance deduction. Effective March 30,...

6

May

2011 Tax Planning and Roth IRAs

In Money Tips, Tax Planning, Tax Tips

I know it seems like we just finished working on your 2010 taxes, but now is a good time to start your 2011 tax planning. Changes in the law will effect how small business owners can take advantage of their Roth IRA: (1) Roth IRA rollovers no longer restricted. You...

Tax Resources

2011 Tax Changes: Business Expenses of Professional Gamblers Not Limited

2011 Tax Changes: Disclosing Unreported Offshore Income

Appeals Court upholds IRS’s Time Limit on Spousal Relief Requests

2011 Tax Changes: Lien Procedures

2011 Tax Changes: Health Insurance & Deductible Medical Expenses

2011 Tax Changes: New Deadline for Electing Modified Carryover Basis Rules

2011 Tax Changes: Guidance on 2010 Tax Relief Act’s 100% Depreciation Allowance

2011 Tax Changes for Businesses and Investors: Real Estate Reporting

2011 Tax Planning – Health Insurance Credits

2011 Tax Planning and Roth IRAs

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