|
Eric Lasch, Senior Tax Manager
|
Archive for January, 2011
2010 Tax Relief Act Creates a 100% Write-off for Heavy SUVs Used Entirely for Business
Friday, January 28th, 2011
Although generous tax breaks for gas-consuming heavy SUVs have in the past raised the ire of Congress, the 2010 Tax Relief Act actually made tax breaks for these assets even more generous. Although it may be an unintended result, the limited-time 100% bonus depreciation allowance for qualified property under the new law allows taxpayers that buy a new heavy SUV and use it entirely for business to write off the entire purchase price in the placed-in-service year. QuickBooks 2011 – Pump Up Your Productivity
Friday, January 14th, 2011|
Chris Blach, QuickBooks ProAdvisor |
|
QuickBooks 2011 is no exception. The new version improves and accelerates interaction with your customers, and provides easier, more targeted access to QuickBooks data. If you take advantage of these new tools, your daily accounting tasks will become more productive and palatable. (Note: The new tools are not available in Simple Start.) (more…) |
Receive a Faster Refund with Direct Deposit
Friday, January 14th, 2011|
|
| The New Year has arrived, which means . . . it’s tax time!
This year, do you want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 61 million people had their tax refunds deposited directly into their bank accounts last year. It’s the secure and convenient way to get money in your wallet faster.
You can also electronically direct your refund to multiple accounts. With the new “split refund” option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. The split refund option, using Form 8888, is also available for paper returns.
To request direct deposit, just ask us. |
Filing Requirements for Dependents
Friday, January 14th, 2011|
|
Whether a dependent has to file a return generally depends on the amount of the dependent’s earned and unearned income and whether the dependent is married, is age 65 or older, or is blind.
Even if you are not legally required to file, you should file a federal tax return to get money back if any of the following apply: (more…) |
Ensuring Financial Success for Your Business
Friday, January 14th, 2011|
|
| Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination?Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous adjustments along the way – decisions about pricing, hiring, investments, and so on. (more…) |
Expanded 1099 Reporting for Rental Property Owners
Tuesday, January 11th, 2011|
Eric Lasch, Senior Tax Manager |
|
|
The Estate Tax Comes Back
Tuesday, January 11th, 2011|
Carolyn Valenti, Tax Partner |
The estate tax comes back but at a more favorable exclusion amount and tax rate lower than expected. For 2011 and 2012, the top rate will be 35%. For 2011, the exemption amount will be $5 million per individual and for 2012 this amount will be indexed for inflation. Background: The modern estate tax dates back to 1916, when it was imposed at a rate of 10% on the portion of estates above $50,000. Over the following years, the rates and exemptions amounts have varied reaching a high rate of 77% from 1941 to 1976 with a $60,000 exemption amount. A law passed in 2001 which gradually lowered the maximum estate tax rate and substantially raised the exclusion amount up until 2010, when federal estate tax was repealed for one year only. In 2011, it was scheduled to come back with an exclusion of only $1 million and a maximum tax rate of 55 percent. |
Receive a Faster Tax Refund with Direct Deposit
Tuesday, January 4th, 2011|
|
| The New Year has arrived, which means . . . it’s tax time!
This year, do you want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 61 million people had their tax refunds deposited directly into their bank accounts last year. It’s the secure and convenient way to get money in your wallet faster.
You can also electronically direct your refund to multiple accounts. With the new “split refund” option, taxpayers can divide their refunds among as many as three checking or savings accounts and three different U.S. financial institutions. The split refund option, using Form 8888, is also available for paper returns.
To request direct deposit, just ask us |
Personal Exemptions, Standard Deductions and Tax Brackets for 2011
Tuesday, January 4th, 2011|
|
| In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation.
These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 returns, filed by most taxpayers in early 2012, include the following:
Several tax benefits are unchanged in 2011. For example, the monthly limit on the value of qualified transportation benefits (parking, transit passes, etc.) provided by an employer to its employees, remains at $230. |
Financial Tips for January 2011
Tuesday, January 4th, 2011|
|
| Create a Financial Plan and Monitoring System
If you haven’t already done so, prepare a financial plan and a budgeting system for monitoring your income, expenses, assets, and liabilities. The information you collect will enable you to start planning for retirement or other major life events. Use last year’s information to establish a budget for the coming year. Set Up an Effective Filing System Set up a well-organized filing system for storing your important documents and records. Prepare for Taxes Start getting ready for preparing your tax return for the preceding year. As you receive Forms W-2 and 1099 and other tax documents, file them immediately. This will reduce time spent looking for them later. Request a Social Security number for any child regardless of age who does not already have one. |
