by mariettacp | Jul 1, 2011 | Money Tips, Tax Tips
Looking for an opportunity to save income, gift or estate taxes through a charitable contribution, while retaining, for a time, an income interest? These considerable tax savings are available through the use of a charitable remainder annuity trust (CRAT). Over the...
by mariettacp | Jun 29, 2011 | Money Tips, Tax Tips
What should you do if you think you might be one of the people for whom the tax cost of employer-provided group term life insurance is undesirably high? First, you should determine if this is actually the case. If a specific dollar amount appears in Box 12 of your...
by mariettacp | Jun 27, 2011 | Money Tips, Tax Tips
Does your employer provide you with group term life insurance? If so, and if your salary is higher than $50,000, this employee “benefit” may be creating undesirable income tax consequences for you. Here’s why. The first $50,000 of group term life insurance...
by mariettacp | Jun 24, 2011 | Money Tips, Tax Tips
Each of your employers is obligated to withhold social security taxes from their wages, even if the total they withhold exceeds the maximum amount of tax that can be imposed for the year—$6,622 in 2010 (equal to 6.20% of the $106,800 wage base); $4,486 in 2011 (4.20%,...
by mariettacp | Jun 22, 2011 | Money Tips, Tax Tips
If you dispose of the property, or stop using it in a trade or business, before the end of the cost recovery period that would have applied to the property had you not made the election for the property, all or part of the amount of the deduction you claimed under the...
by mariettacp | Jun 20, 2011 | Money Tips, Tax Tips
If your taxable income from all of your trades or businesses is less than the dollar limit for that year, the amount for which you can make the IRS Code Section 179 election is limited to that taxable income. However, for most types of property, any amount you...
