Category: Tax
Special Guest Author Kevin J. Zezula: Taking Advantage of the 2012 Gift Tax Exemption
Tax provisions enacted in 2010 increased the 2012 lifetime gift tax exemption to $5.12 million and lowered the top gift tax rate to 35%. Beginning in 2013, absent any new legislation, the estate and lifetime gift tax exemptions are scheduled...
Reminder: The Mortgage Debt Relief Act of 2007 is set to Expire December 31, 2012
The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude up to $2 million of forgiven debt on their principal residence in calendar years 2007 through 2012 as long as the discharge of debt is directly related to a...
SR Client Question: What Moving Costs are Deductible?
If you are moving to start a new job or even the same job at a new job location, the following are some tax tips on expenses you may be able to deduct on your tax return. 1. Expenses must be...
Casual Gambling Income and Losses
If you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return. You can...
Tips for Making Charitable Donations
Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. 1. Tax-exempt status. Contributions must be made to qualified charitable organizations to be deductible....
Eight Tax Tips for Selling a Home
For those who have sold or are about to sell their home, if you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. The...
SR Client Question: What are Miscellaneous Itemized Deductions?
If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces...
Have you received a Notice from the State of Michigan recently?
The State of Michigan has been mailing a Notice of Change to most business owners (copy of notice at right). The notices are for informational purposesonly and typically will be already implemented by the payroll company that prepares and files...
8 Special Tax Benefits for Armed Forces Personnel
Military personnel and their families face unique life challenges with their duties, expenses and transitions. Active members of the U.S. Armed Forces should be aware of all the special tax benefits that are available to them. Here are 8 of...
10 things you should know about amending your federal tax return
If you discover an error after you file your tax return, you can correct it by amending your return. Before amending your federal tax return, here are 10 things you should know about amending your federal tax return: 1. When...