Collect Miscellaneous Deductions at Year-End
As the year quickly draws to a close, you may be looking to increase your itemized deductions to offset highly taxed ordinary income. What about those random expenses that often…
The Competitive Edge
Pension Plan Limitations Announced for the 2012 Tax Year
Volume 1 Issue 6 | December 2011, The Competitive Edge
Recently, the Internal Revenue Service announced adjustments to the cost of living for the 2012 tax year that will affect dollar limitations for pension plans and other retirement-related taxes. Pension…
Twists and Turns to Charitable Rollovers
The Competitive Edge, Volume 1 Issue 6 | December 2011
A federal tax law passed late in 2010—the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act—extended a unique planning opportunity for certain retirees. Under this legislation, an individual age…
Seeking Tax Relief for Casualty Losses
The Competitive Edge, Volume 1 Issue 5 | October 2011
What a year it has been. In 2011, we have witnessed devastation caused by a wide variety of natural disasters, ranging from tornadoes to floods to wildfires. Although it is…
Four Key Points About Bonus Depreciation
The Competitive Edge, Volume 1 Issue 5 | October 2011
Due to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, business owners may be able to take advantage of renewed “bonus depreciation” deductions this year. In…
Year-End Tax Planning for Businesses
The Competitive Edge, Volume 1 Issue 5 | October 2011
Taxpayers are well-advised to consider how to make the most of tax breaks that are available this year but may not be around next year, or may survive only in…
Year-End Tax Planning Moves for Individuals
The Competitive Edge, Volume 1 Issue 5 | October 2011
Year-end tax planning is especially challenging this year because of uncertainty over whether Congress will enact sweeping tax reform that could have a major impact in 2012 and beyond. Even…
Facts and Figures
The Competitive Edge, Volume 1 Issue 4 | August 2011
Pumped-up Deduction—The standard mileage rate for qualified business drivers was set at 51 cents per business mile (plus tolls and parking fees) for 2011. Now the IRS has announced that…
Five Smart Ideas for College Savings
The Competitive Edge, Volume 1 Issue 4 | August 2011
The price tag on a college diploma continues to escalate at a rate higher than the inflation rate. According to the College Board, tuition and fees for in-state students at…
Know Tax Angles to Lifetime Gifts
The Competitive Edge, Volume 1 Issue 4 | August 2011
Due to recent tax law changes, you may want to consider giving generous gifts to other family members. The gifts can reduce the size of your taxable estate. Here is…