Posts Tagged "tax credits"

Mid-Year Tax Planning

Posted by on May 21, 2015 in Tax, Tax Planning | 0 comments

Mid-Year Tax Planning

Getting your tax return in order for 2015 The 2015 tax year is already nearly halfway through (where does the time go?). So we thought now would be a great time to remind you of some of the more important tax issues to consider when planning your return for this year. Changes to the repair and capitalization regulations There’s been an ongoing debate over the need to change the new repair and capitalization regulations – and small businesses have lost this particular battle with the IRS. The new regulations from the IRS mean you now have three possible choices for handling repairs, supplies and asset purchases. And you’ll need to make these choices annually and...

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Affordable Care Act

Posted by on Apr 1, 2015 in Health Care Reform | 0 comments

Affordable Care Act

Obamacare: the tax impact of the Affordable Care Act explained You’ve no doubt heard of ‘Obamacare’, the neat buzzword for the Affordable Care Act. But what is it? And how is it likely to affect your tax return? Congress passed the Affordable Care act back in 2010 and, at the time, the potential impact seemed a long way off. But the 2015 tax filing season is now upon us and it’s clear that there are some very direct effects. And they’ll impact on every American – including you. Getting qualified health insurance To begin with, you’re now required to obtain health insurance for the entire year. And not just for yourself, but also for anyone who’s listed as...

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Arranging Your Finances to Reduce Your Taxes

Posted by on Feb 16, 2015 in Accounting, Financial Freedom, Tax, Tax Planning | 0 comments

Arranging Your Finances to Reduce Your Taxes

Planning your tax year and arranging your finances may not sound like the most interesting thing you’ll do this year, but we are certain it will be much more interesting if by doing so you discover that you have less tax to pay. In an ideal world, every year you will have managed your financial affairs so that your taxes are minimized as much as possible. We realize that this can be incredibly difficult to do. It’s already February, so before you know it April will be upon us and there will be no more tax planning to do. If you can spare even an hour or two, we would encourage you to talk with us now about arranging your finances so that your taxes are not the great...

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How will you pay for your child’s higher education?

Posted by on Oct 15, 2013 in Financial Freedom, Tax, Tax Planning | 0 comments

As parents, one of our greatest concerns is how we will pay for our child’s higher education, especially when we realize that financing education will cost at least $100,000 for each of our children, and that is just the college or university fees. While we hope to get help from scholarships, students loans, and financial aid, we still need to find much of that money ourselves. Obviously the sooner we start preparing for this the better, though the important thing to bear in mind is that it is an achievable goal if we are willing to make some sacrifices. The first thing that we need is a plan, and that plan should detail the major sources of finance, which are...

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Overview of the tax provisions in the 2012 American Taxpayer Relief Act

Posted by on Jan 15, 2013 in Tax Planning | 0 comments

Overview of the tax provisions in the 2012 American Taxpayer Relief Act

The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent relief from the AMT for individual taxpayers, limits on the deductions and exemptions of high-income individuals, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses. Here’s a look at the key elements of the package: Tax rates. For tax years beginning after 2012, the 10%, 15%, 25%, 28%, 33% and 35% tax brackets...

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