Believe it or not, it’s already time to start thinking about filing your 2011 tax return. By now you should have received your W-2 form(s), a variety of 1099 forms, etc. With that in mind, I thought I would give you a little information on when your 2011 federal income tax return is due. As…
Author Archives: Marianne Kingman
WHAT’S NEW THAT WILL SAVE YOU MONEY ON TAXES FOR 2012?
There is always something new when it comes to tax rules and regulations that impact your real estate and business transactions. Missing these items can also leave you paying more in taxes then you are required to under the law. The following are a few changes, which will likely impact your taxes in 2012. It…
A Few Tax Tips!
The “Occasional Baby Sitting” Tax Exemption If you need a baby sitter during the year keep in mind that it could be tax deductible! The current FICA threshold of $1,700 per calendar year will increase to $1,800 in 2012. Sometimes referred to as the “Casual Babysitting Exemption,” the new FICA threshold means that families who…
IRS Releases Guidance on Foreign Financial Asset Reporting
The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial…
Last Minute Tax Tips
Getting read to wrap up your end of year finances? Here are some tips on those pesky taxes. The “Occasional Baby Sitting” Tax Exemption So if you need a baby sitter during the holidays keep in mind that it could be tax deductible! The current FICA threshold of $1,700 per calendar year will increase to…
5 New Tax Tips that Could Save You Money!
1. Investment Income: The capital gains and dividend tax rate will stay at 15% until at least the end of 2012. For any non-tax deferred investing you plan on doing, make sure you take advantage of the low 15 percent capital gains tax rate now, because the chances of it staying this low past 2012…
Depreciation of New Business Equipment Part 2
Q. Do used SUVs qualify for the Section 179 deduction? A. Yes, but make sure the vehicle meets all other requirements, including Gross vehicle weight and business use percentage — 50 percent or more. Also, there are rules concerning how the purchase is made, including Trade-in allowances, exchanges between relatives, and gifts and inheritances. See…
DEPRECIATION OF NEW BUSINESS EQUIPMENT Part 1
Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179. The maximum deduction is based on the following schedule for the date in which the tax year begins. Each 1040, whether Single or Joint, is limited to one maximum. 179 expenses passed through via…
SAVED BY THE BELL!!! THE LAST MINUTE 2010 TAX RELIEF ACT (H.R. 4853)
This is the last in a three-part series of articles on the 2010 Tax Relief Act. Previous articles are available in the Member’s Area of www.AZREIA.org or in our blog. Gift Tax Relief For gifts made in 2010, the 2010 Tax Relief Act provides that gift tax is computed using a rate schedule having a…
SAVED BY THE BELL!!! THE LAST MINUTE 2010 TAX RELIEF ACT (H.R. 4853)
This is a continuation of last month’s article which covered individual tax rates, alternative minimum tax, capital gains/dividends and the child tax credit. Itemized Deduction Limitation (Pease) The “Pease” limitation (named after the member of Congress who sponsored the bill enacting it) reduces the total amount of a higher-income individual’s otherwise allowable deductions. The Pease…
Author Archives: Marianne Kingman
When is it time to file your 2011 taxes?
Believe it or not, it’s already time to start thinking about filing your 2011 tax return. By now you should have received your W-2 form(s), a variety of 1099 forms, etc. With that in mind, I thought I would give you a little information on when your 2011 federal income tax return is due. As…
WHAT’S NEW THAT WILL SAVE YOU MONEY ON TAXES FOR 2012?
There is always something new when it comes to tax rules and regulations that impact your real estate and business transactions. Missing these items can also leave you paying more in taxes then you are required to under the law. The following are a few changes, which will likely impact your taxes in 2012. It…
A Few Tax Tips!
The “Occasional Baby Sitting” Tax Exemption If you need a baby sitter during the year keep in mind that it could be tax deductible! The current FICA threshold of $1,700 per calendar year will increase to $1,800 in 2012. Sometimes referred to as the “Casual Babysitting Exemption,” the new FICA threshold means that families who…
IRS Releases Guidance on Foreign Financial Asset Reporting
The Internal Revenue Service in coming days will release a new information reporting form that taxpayers will use starting this coming tax filing season to report specified foreign financial assets for tax year 2011. Form 8938 (Statement of Specified Foreign Financial Assets) will be filed by taxpayers with specific types and amounts of foreign financial…
Last Minute Tax Tips
Getting read to wrap up your end of year finances? Here are some tips on those pesky taxes. The “Occasional Baby Sitting” Tax Exemption So if you need a baby sitter during the holidays keep in mind that it could be tax deductible! The current FICA threshold of $1,700 per calendar year will increase to…
5 New Tax Tips that Could Save You Money!
1. Investment Income: The capital gains and dividend tax rate will stay at 15% until at least the end of 2012. For any non-tax deferred investing you plan on doing, make sure you take advantage of the low 15 percent capital gains tax rate now, because the chances of it staying this low past 2012…
Depreciation of New Business Equipment Part 2
Q. Do used SUVs qualify for the Section 179 deduction? A. Yes, but make sure the vehicle meets all other requirements, including Gross vehicle weight and business use percentage — 50 percent or more. Also, there are rules concerning how the purchase is made, including Trade-in allowances, exchanges between relatives, and gifts and inheritances. See…
DEPRECIATION OF NEW BUSINESS EQUIPMENT Part 1
Most new business equipment can be either depreciated over its useful life or expensed immediately under Internal Revenue Code Section 179. The maximum deduction is based on the following schedule for the date in which the tax year begins. Each 1040, whether Single or Joint, is limited to one maximum. 179 expenses passed through via…
SAVED BY THE BELL!!! THE LAST MINUTE 2010 TAX RELIEF ACT (H.R. 4853)
This is the last in a three-part series of articles on the 2010 Tax Relief Act. Previous articles are available in the Member’s Area of www.AZREIA.org or in our blog. Gift Tax Relief For gifts made in 2010, the 2010 Tax Relief Act provides that gift tax is computed using a rate schedule having a…
SAVED BY THE BELL!!! THE LAST MINUTE 2010 TAX RELIEF ACT (H.R. 4853)
This is a continuation of last month’s article which covered individual tax rates, alternative minimum tax, capital gains/dividends and the child tax credit. Itemized Deduction Limitation (Pease) The “Pease” limitation (named after the member of Congress who sponsored the bill enacting it) reduces the total amount of a higher-income individual’s otherwise allowable deductions. The Pease…
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