Underpayment Penalties Going to Get You?
To avoid underpayment penalties, you generally must prepay more than 90% of your current year tax liability or 100% of your prior year tax liability.
2013 Year-End Tax Planning Considerations
As the end of the 2013 tax year approaches, we’ve listed some things to keep in mind as you consider potential year-end tax moves. Read on in this Tax Tip.
Take Advantage of the IRA-to-Charity Transfer
For 2013, if you are age 70½ and older, you are allowed to make direct distributions (up to $100,000) from your Traditional or Roth IRA account to a charity. Read more in this Tax Strategist.
Your 2013 Tax Bill May Give You a Shocker
Many higher-income taxpayers are in for a shock when their 2013 income tax returns are prepared. In 2013, a significant number of tax increases, and new limitations on deductions, will impact higher income taxpayers. Read more in this Tax Strategist.
Planning Pension Distributions
If you are able to plan your pension withdrawals, you can save considerable tax dollars. Read all about it in this Tax Tip.
Tax Savings Using Cost Segregation
In order to claim substantial reductions in current income tax liabilities and possibly increase cash flow, an investor must first begin by properly classifying investments in a building between real and personal property. Cost segregation allows a taxpayer to separately depreciate components of a building over a shortened depreciation period. For more information on cost segregation and to determine if a study will benefit you, read this C.P.A. Insight.
What's Best…Tax-free or Taxable Interest Income?
In general, tax-free bonds are likely to be more attractive to taxpayers in higher brackets, but are they right for you? Read all about it in this week’s Tax Tip.
Tax Tip: Georgia Credits and Deductions
Dan DiLuzio, C.P.A., an Accounting Manager with Henssler Financial, discusses some of the credits and deductions available to residents of Georgia. The Georgia Driver Education Tax Credit, contributions to Georgia’s Path2College 529 plan, and the Georgia Student Scholarship Organization Tax Credit are all opportunities for taxpayers to lower their tax liability.
Selling Your Home
If you’ve sold your home this year, you may be able to exclude up to $250,000 of home sale capital gain. Read more in this Tax Tip.
Year-End Tax Planning for Businesses
Businesses have some hefty tax breaks expiring at year-end. Luckily, there is still time to take advantage of them. Read all about them in this Tax Tip.