STS Tax Talk

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Selling any investments which you have a gain or loss this year. For more with this, see Investment Losses and Benefits, below. If you’re one-man shop, send invoices or expenses to clients or customers this year in order to be paid completely by the finish of December. Caution: Monitor the estimated tax requirements. 250,000 for married filing jointly) that produce them responsible for additional Medicare taxes or NIIT (see below). In December instead of at the January due date Pay a state estimated tax installment.

However, make sure the payment is dependant on a reasonable estimation of a state tax. Pay your complete property tax bill, in calendar year 2014 including installments credited, by year-end. This does not apply to home loan escrow accounts. Make an effort to bunch “threshold” expenditures, such as medical and dental care expenses (10% of AGI starting in 2013) and miscellaneous itemized deductions.

For example, you might pay medical bills and dues and subscriptions in whichever 12 months they might do you the most tax good. Threshold expenditures are deductible and then the degree they surpass a certain percentage of adjusted gross income (AGI). By bunching these expenditures into twelve months, rather than growing them out over two years, you have a better potential for exceeding the thresholds, maximizing your deduction thereby.

The last mentioned benefits include Roth IRA contributions, conversions of regular IRAs to Roth IRAs, child credits, advanced schooling taxes deductions and credits for education loan interest. If you know you have a set amount of income to arrive this year that’s not included in withholding taxes, increasing your withholding before year-end can avoid or reduce any estimated tax penalty that might otherwise be due. Alternatively, the penalty could be avoided by within the extra taxes in your final estimated tax payment and computing the charges using the annualized income method. THE CHOICE Minimum Tax (AMT) exemption “patch” was made long term by ATRA and is indexed for inflation.

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Items that may have an effect on AMT include deductions for state property taxes and state taxes, miscellaneous itemized deductions, and personal exemptions. 40,400 for wedded people filing separately. Please call us if you’d like more information or if you are not sure whether AMT applies to you. We’re pleased to help you.

ATRA prolonged the non-business energy credit, which expired in 2011, through 2013 (retroactive to 2012). You may declare a credit of 10 percent of the cost of certain energy saving property that you put into your main home. In some cases, you may be able to declare the actual cost of certain qualified energy-efficient property.