Category Archives: Individual
Additional Year-End Tax Planning Thoughts
As President-Elect Obama continues to name the members of his economic team, there seems to be a degree of optimism budding in the country that experienced leadership is coming to Washington. Our challenges are not over; these taxing times will … Continue reading
Posted in Business, Charitable Giving, Individual
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IRS Commissioner Speaks to Independent Sector
On November 10, Douglas Shulman, the Commissioner of Internal Revenue, spoke to the Annual Meeting of Independent Sector, a leadership forum for charities, foundations, and corporate giving programs committed to advancing the common good in America and around the world. … Continue reading
Posted in Exempt Organizations, Individual
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Preliminary Year-End Tax Planning Thoughts
The votes are in; the Democrats will control the White House and both Houses of Congress. Federal taxes will increase. In my opinion, federal taxes would have increased no matter which party won the presidential election; the issues are now; … Continue reading
Posted in Business, Individual
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Important Reminders for Tuesday, November 4
Two important reminders for you this evening. Tomorrow, Tuesday, November 4 is election day, at long last. Your vote is extremely important, no matter which candidates you choose. Just please participate in the cornerstone of our democracy and VOTE! The … Continue reading
Posted in Business, Individual
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Gift Opportunity for Depressed Securities
With the meltdown and continued volatility in the financial markets comes a potentially favorable wealth transfer tax strategy. Lifetime gifts of stock and securities at depressed market values can transfer future appreciation out of your estate and to lower generations … Continue reading
Posted in Charitable Giving, Individual
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Main Street Tax Provisions in Financial Markets Bill
The House of Representatives passed the “rescue” legislation this afternoon. The president immediately stated that he would sign the bill as soon as it reaches his desk. My copy of the bill submitted to the House for consideration is 451 … Continue reading
Posted in Business, Individual
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Rescue the Rescue
Several of my clients and friends have asked my opinion on the “bailout.” I have held my comments because, even though I have a degree in Economics, I am not an economist; I am a CPA, but I don’t regard … Continue reading
Posted in Business, Individual
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New Purchased Equipment Expense Deduction
I don’t recommend buying equipment solely for the tax benefits. If you need new equipment for your trade or business, buy it and tax whatever tax savings are available. Generally, you receive, at most, an approximately 35 percent tax savings … Continue reading
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IRS Announces Hurricane Ike Relief
On September 12, the Internal Revenue Service announced that taxpayers “directly affected” by Hurricane Ike would receive an additional 7 days to file corporate tax returns and third-quarter estimated taxes otherwise due on Monday, September 15, 2008. It was not … Continue reading
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On the Presidential Candidates’ Tax Plans
I don’t get too concerned about proposed tax legislation until bills are introduced, debated, and actually get to a joint committee for resolution of differences. What we are hearing today is just rhetoric. Neither candidate will get all they are … Continue reading
