Blog
IRS announces business vehicle deduction limits for 2012
The IRS has published depreciation limits for business vehicles first placed in service this year. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and used vehicles. * For new business cars, the first-year limit is...
Understand the Time Value of Money
When making financial decisions, do you consider the time value of money? If you have a basic understanding of time-value concepts, you’ll be able to make better choices in many business and personal financial situations. * Here’s an example. Say you want to sell a...
Be Smart With Your Tax Refund
Are you receiving a tax refund this year? No doubt you've already heard the standard admonishment about why you should not be giving the government an interest-free loan. Maybe you've decided to "do better" during 2012 by revising your withholding or estimated tax...
Indiana Governor Has Signed Inheritance-Tax Bill
Governor Mitch Daniels signed a bill (SB 293) on March 20th to phase out Indiana's inheritance tax. Earlier this month, legislators approved a measure that will decrease the inheritance tax in stages beginning next year until it is eliminated after 2021. In addition,...
It's Tax Payback Time!
If you took certain actions in a prior year, you may now have additional taxes due on your 2011 tax return. Here are the details: HOME BUYER CREDIT: If you bought a home in 2008 and took the first-time home buyer credit, you have another repayment installment due...
There is still time to cut your 2011 tax bill
Are you still dealing with your 2011 tax return? Do you owe a bigger tax bill than you expected? Are you missing a tax break because your adjusted gross income is too high? Would you like a bigger refund? Don't despair. You might still have time to make some...
Deadline for electing S corporation status is March 15
This post explains some of the advantages and disadvantages of doing business as an S corp versus a C corp.
Two important tax deadlines approaching
March 15 - 2011 calendar-year corporation income tax returns are due. Extensions may be filed to give until September 17, 2012, to file. March 15 - Deadline for calendar-year corporations to elect S corporation status for 2012. April 2 - Deadline for payers who file...
Depreciation Rules, Cash Flow Best Practices, Unreimbursed Education Expenses Deduction
We're posting our March eNewsletter. Click here to read http://bit.ly/y34ii0.
Even if you don't itemize, some deductions are available.
If you’ve given up itemizing deductions, you’re not alone. These days over half of all taxpayers find they’re better off using the standard deduction. Even if you take the standard deduction, you can also deduct some individual expenses on your 2011 tax return,...