COVID Resources

Taxation

Itemized Deductions from A to Z, Part 10: Charitable Limitations and Carryovers

This is part ten in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Your adjusted gross income (last line on page 1 of Form 1040) serves as…
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Itemized Deductions from A to Z, Part 9: Motorized Donations

This is part nine in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Donating a car, boat or airplane can be complicated, depending upon the value and…
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Itemized Deductions from A to Z, Part 8: More on Charitable Giving – Noncash Gifts

This is part eight in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Noncash gifts are a mixed bag and have a lot of special circumstances. Let’s…
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Tax Extenders – What You Need to Know

In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
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Fiscal Cliff Averted? It All Depends.

Search the term “fiscal cliff averted” and you’ll get about 57 million hits in a quarter of a second.  Is that proof enough that we did, in fact, avoid a cataclysmic spill over a scary economic precipice?  As a nation, perhaps so.  But if you now find yourself approaching the highest income tax bracket, you…
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No Clarity Yet on 2011 Individual Income Taxes

The fate of 2011 individual income tax rates is still up in the air, but Congress could take action before the elections to provide clarity to the situation. With no Congressional action, tax rates would revert back to pre-2001 levels; however, the President has advocated keeping the first four tax brackets (10%, 15%, 25% and 28%) intact and increasing the top two brackets (currently 33% and 35%) to 36% and 39.6%.

So what does all this mean to you? Check out the full article, complete with tables!

Small Business Provisions for the HIRE Act

Two weeks ago President Obama signed into law the HIRE (Hiring Incentives to Restore Employment) into law. Drawing less coverage than the highly publicized healthcare legislation, the HIRE Act provides several tax incentives designed to get businesses hiring the unemployed and making capital purchases. Read full blog for the rundown!