As if it is not enough to have to face the grief of losing a loved one, there are so many other administrative tasks set in motion by someones death that must be taken care of. From collecting the information needed to document the contents of the decedent's estate, all the way through to distribution [...]
Many clients wonder just how long it takes to get their refund back from the IRS. You can always check on the status of your refund at the Where's My Refund? at the IRS site. Where's My Refund? will usually have information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or [...]
Get started on the right path in planning your best strategies for minimizing taxes in 2012. Below is access to a guide that will help you find ways to benefit your retirement, family and heirs by being pro-active in your planning. We are always here to help answer questions and keep you informed of any [...]
Property that does not qualify for an immediate tax write-off under Section 179 may qualify for an increased first-year depreciation deduction under bonus depreciation rules. Unlike the Section 179 deduction, there are no restrictions on the amount of qualifying property and there is no taxable income limit. This deduction is equal to 100 percent of [...]
Instead of depreciating an asset over several years, Internal Revenue Code Section 179 allows the expensing of all or a portion of certain qualifying new and used assets in the year placed in service. There are limitations including a business taxable income limit. You cannot claim a Section 179 write-off that would create or [...]
The annual gift tax exclusion for 2012 remains at the 2010 and 2011 level of $13,000. If you are married, you can gift up to $26,000 per donee, per year, by using the gift-splitting rules while avoiding any federal gift tax ramifications. Gifting is a good way to reduce your taxable estate. For example, if [...]
On October 14th, the IRS issued Revenue Procedure 2011-48, 2011-42 IRB 527 which provides guidance for filing protective claims for refund under Section 2053 of the Code. Protective claims are needed due to the uncertainty surrounding many of the expenses associated with the administration of an estate. Commonly, legal and accounting fees related to the [...]
In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
The CollegeCounts 529 Fund offers tremendous tax advantages including tax-deferred growth and tax-free withdrawals for qualified college expenses. In addition, Alabama taxpayers are eligible for a state income tax deduction of up to $5,000 per individual ($10,000 if married filing jointly). Over time, these tax advantages, along with your investment dollars, can help provide additional savings [...]
No one likes to pay taxes any sooner than required. Therefore year-end strategies typically focus on deferring income from this year into future years and accelerating deductions from future years into this year. Following are some basic principles that can help guide your overall thinking: If you expect your tax rate to be higher next year, [...]