Monthly Archives: December 2012

Count-Down: 2012 Year-End Business Tax Tips 9 & 10

Our year-end countdown continues for the next two of our top ten small business tax-saving tips to consider, while there’s still time in our last of five posts. 9. Make an S Corporation Deemed Dividend: An S corporation that has a significant amount of AE&P but little or no cash or other property to make distributions can make a deemed… (more…)

Count-Down: 2012 Year-End Business Tax Tips 7 & 8

Our year-end countdown continues for the next two of our top ten small business tax-saving tips to consider, while there’s still time in our four of five blog posts. 7. Distribute C Corporation Earnings and Profits: Shareholders recognize a taxable dividend to the extent the distribution is paid out of corporate earnings and profits (E&P). If the distribution exceeds E&P,… (more…)

Count-Down: 2012 Year-End Business Tax Tips 5 & 6

Our year-end countdown continues for the next two of our top ten small business tax-saving tips to consider, while there’s still time in our third of five blog posts. 5. Redeem a Shareholder’s Stock: A shareholder who wants the corporation to redeem some or all of his or her stock should complete the redemption by the end of 2012. Whether… (more…)

Count-Down: 2012 Year-End Business Tax Tips 3 & 4

Our year-end countdown continues for the next two of our top ten small business tax-saving tips to consider, while there’s still time in our second of five blog posts. 3.  Purchase Property Eligible for Section 179 Deduction: The maximum Section 179 deduction is $139,000 for eligible property placed in service in tax years beginning in 2012. This amount is reduced… (more…)

Count-Down: 2012 Year-End Business Tax Tips 1 & 2

Join us for the countdown of the top ten small business tax-saving ideas to consider-while there’s still time in our first of five blog posts. 1. Sell Corporate Stock, Partnership Interests, and LLC Interests: Gain or loss from the sale of a business interest is generally treated as capital gain or loss. Therefore, stock, and partnership and LLC interests, should… (more…)

IRS Offers Tax Tips for “The Season of Giving”

  December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning: Contribute to Qualified Charities.  If you plan… (more…)

What’s Ahead? Tax Changes Scheduled for 2013

Unless Congress acts by year-end, these are the changes you’ll see in the tax rules effective January 1, 2013. *SOCIAL SECURITY TAXES. Employee’s share will increase to 6.2% after 2012, up from 4.2%. *INCOME TAX RATES. 2012 rates of 10%, 15%, 25%, 28%, 33%, and 35% will change to 15%, 28%, 31%, 36% and 39.6% for 2013. *CAPITAL GAINS. Maximum… (more…)

2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving

The Internal Revenue Service has issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 56.5 cents per mile for business miles driven… (more…)

IRS Gives Additional Time to Small, Automatically Revoked Tax-Exempt Organizations Affected by Hurricane Sandy

As part of the administration’s efforts to bring all available resources to bear to support state and local partners impacted by Hurricane Sandy, the IRS is postponing the filing date until Feb. 1, 2013, for some small tax-exempt organizations affected by Hurricane Sandy to take advantage of transitional relief when applying for reinstatement of their exempt status. Organizations that did… (more…)