Section 179: Opportunities and Pitfalls
Congress may come to the rescue again, but it appears for now that half-million dollar Section 179 deductions and 100% bonus depreciation deductions will become a thing of the past….
The Competitive Edge
Seven Tips for Naming Beneficiaries
The Competitive Edge, Volume 2 Issue 2 | April 2012
Have you designated beneficiaries for all your retirement plans, life insurance policies and other assets? It is often not as cut-and-dried as it first seems. Here are seven suggestions to…
Locking in Deductions for Mortgage Interest
The Competitive Edge, Volume 2 Issue 2 | April 2012
Did you pay mortgage interest in 2011? Although the tax law is generally favorable to taxpayers in this area, do not assume that all the interest is deductible on your…
Take Tax Credits When They Are Due
The Competitive Edge, Volume 2 Issue 2 | April 2012
The income tax liability you face on your 2011 return—which must be filed by April 17, 2012—may be reduced by certain tax credits. The list of credits is extensive, but…
New Rules for Deducting or Capitalizing Tangible Property Costs
Volume 2 Issue 1 | February 2012, The Competitive Edge
The IRS has issued new regulations for determining whether amounts paid for property may be currently deducted as business expenses or must be capitalized. In general, a taxpayer must capitalize…
Facts and Figures
The Competitive Edge, Volume 2 Issue 1 | February 2012
Standard Mileage Rates—The IRS recently announced the standard mileage rates that taxpayers may use in 2012. The flat rate for business driving is 55.5 cents per business mile (the same…
How to Swing a Like-kind Exchange
The Competitive Edge, Volume 2 Issue 1 | February 2012
With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment house. To make matters worse, a sale…
How to Maximize Estate-tax Exemptions
The Competitive Edge, Volume 2 Issue 1 | February 2012
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a special federal estate-tax break for married couples. Under the recently enacted legislation, the estate-tax exemption may…
Alternative Minimum Tax: Now It’s Personal
The Competitive Edge, Volume 2 Issue 1 | February 2012
The alternative minimum tax (AMT) could be out to get you. This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to 4 million…
Make 2012 a “Record Year” for Taxes
The Competitive Edge, Volume 1 Issue 6 | December 2011
The IRS generally requires taxpayers to shoulder most of the recordkeeping responsibilities. If you have not kept the necessary tax records in the past—or if your recordkeeping has been inadequate—make…