Accounting
A Word from Haffley, Taylor and Company LLC
The IRS has released the 2009 optional standard mileage rates to be used by employees, self-employed individuals and other taxpayers to compute deductible costs of operating an automobile (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The 2009 rates for business, medical and moving purposes are higher than the rates [...]
How can I use the State and local sales tax deduction.
Despite being one of the more popular tax breaks, the deduction for state and local sales taxes is not permanent and is set to expire at the end of 2007. The American Jobs Creations Act of 2004 gave taxpayers who itemize deductions the option of claiming either state and local income taxes or state and [...]
How can I reduce my 2007 taxes - Gift-giving
Take advantage of the 2007 annual and lifetime gift-giving limits to reduce your income and estate tax liabilities. For 2007 and then again in 2008, you can transfer $12,000 per person, per year, without paying gift tax on the amounts transferred.
Married couples can gift $24,000 per person, per year without tax liability on the [...]
How can I reduce my 2007 taxes _ Retirement planning
Year-end planning for 2007 also involves maximizing annual contributions to your retirement plan accounts, since one year’s limit cannot be added to the next year’s if not taken in time. While contributions to IRAs may be applied retroactively if made before the filing deadline, an individual’s elective deferral contribution made as an employee to a [...]
How can I reduce my 2007 taxes - Portfolio timing
The end of the year is an ideal time to examine your investments (winners and losers over the course of the year) to take the steps necessary to minimize your capital gains income and maximize the benefit of any capital losses. Long-term capital losses can be used to fully offset long-term capital gains. Losses taken [...]
How can I reduce my 2007 taxes? Deduction management
Essential end of the year tax planning requires determining whether you will take the standard deduction or whether you will itemize your deductions. Consider “bunching” deductible expenses into one or the other year depending upon whether the standard deduction may be taken in one year or whether the adjusted gross income limits for medical (7.5 [...]
How is the LLC treated for tax purposes?
The LLC enjoys the same “flow-through” tax treatment that partnerships and S-Corporations do. The rules concerning capital accounts, contributions and other basic partnership taxation principles apply to LLCs as well. In short, this means that although the LLC must file a tax return, the LLC owners report income and pay the taxes owed on such [...]
