2012-2013 Year End Tax Planning–Do You Have a Crystal Ball?
In all my years of practice, this year is the most uncertain. We have all heard about the “tax cliff” but no one is talking about a bigger issue: the expired and expiring tax provisions. Over the years these provisions have always been extended early so planning at year end was definite. Many provisions expired [...]
Now’s The Time For Giving
For 2012, the gift and estate tax exemption is $5.12 million and the maximum gift and estate tax rate is 35%. Absent additional legislation, for 2013 the exemption will drop to $1 million and the top tax rate will increase to 55%. It’s difficult to predict what Congress will do between now and then, so [...]
IRS Gives Tax Credit For Hiring America’s Heroes
It is appropriate during the U.S. Memorial month of May that the IRS has liberalized tax credits for hiring returning U.S. veterans. The VOW (Veteran’s Opportunity to Work Act) to Hire Heroes of 2011 was signed into law November 21, 2011. This law extended incentives from the Work Opportunity Credit (WOTC) for hiring veterans after [...]
Are you eligible to claim a home-office deduction?
Running a business from your home could save you taxes! Before you go through all of the trouble of filing out IRS Form 8829 consider whether the home office deduction is worth it or not. To help make that consideration you must pass the 4 question test: Is the home office used in a [...]
FLASH! REBATE, REBATE, REBATE, TAX DEDUCTION TOO!!!
Exciting news about First Energy’s rebate incentive program that affects businesses all over Northeast Ohio who receive their power from Ohio Edison or The Illuminating Company. Although the program has been around since Spring of 2011 and has been reduced, because of the response it still is attractive. T5 and T8 lighting technology, which have [...]
