Year-end Tax Planning for Individuals

Accelerating Income In most years, taxpayers adopt a strategy of deferring income, but with the Bush-era tax cuts set to expire on December 31, 2012, income tax rates and capital gains taxes set to rise, and a 0.9 percent Hospital Insurance (HI) tax applicable to earnings of self-employed individuals or employee wages in excess of …

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Year-End Tax Planning for Businesses

There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of reasons. First, is that in 2012 …

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Paying off Debt the Smart Way!

Being in debt isn’t necessarily a terrible thing. Between mortgages, car loans, credit cards, and student loans, most people are in debt. Being debt-free is a worthwhile goal, but most people need to focus on managing their debt first since it’s likely to be there for most of your life. Handled wisely, that debt won’t …

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10 Facts About Mortgage Debt Forgivness

Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012. Here are 10 things you should know about Mortgage Debt Forgiveness. 1. Normally, debt forgiveness results in taxable income. However, under the …

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