These are the new rates changes for 2013, changes that might affect the budgets of a lot of the contributors: The capital gains rate is going to increase. Under current law, gain from the sale of an asset held for investment for over one year is taxed at 15%. In 2013 this rate will increase to 20%. …
At the beginning of a new year clients reach out for my CPA advice and I am always being questioned about 1099 forms and who should issue such forms and what the deadline is. For tax purposes, if you receive income in your name that actually belongs to someone else, you are also a nominee. Being a nominee …
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” aroundTAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment fully prepared, you’ll …
Taxes are going up and spending cuts are on hold until March. As predicted, our elected representatives in Washington D.C. are unwilling to deal with the reality of our budget deficits. We have a financial crisis that no amount of tax increases will solve unless we make serious spending cuts. This assumes our elected officials have the intestinal fortitude …
During the tax season we all realize sometimes that you might owe taxes and you do not have the cash to pay it. As a CPA a lot of my clients come and they say “I don’t have money right now to pay the taxes that I owe” and their question is: What should you …
File your taxes, even if you cannot pay V.S not Filing at allRead More »
Middle and lower-income taxpayers are the main beneficiaries of the fiscal-cliff deal, but there are other winners—and losers—of the last-minute scramble to avert scheduled tax increases and spending cuts. The gridlock leading up to the deal dimmed the country’s already dim view of Congress. Lawmakers aren’t going to get the grand deficit-reduction bargain they had …