Maximize your 2013 depreciation deductions with a cost segregation study

If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much faster, perhaps dramatically increasing your current deductions. Typical assets that may qualify include decorative fixtures, network equipment, parking lots and landscaping.

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2013 may be your last chance for a “charitable IRA rollover”

If you’re age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing any income tax on the distribution. This “charitable IRA rollover” can be used to satisfy minimum distribution requirements.

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Business Tax Deduction Opportunity: Capitalization of Tangible Property Costs

The IRS recently released final regulations on the capitalization of tangible property costs. The final regulations provide an important opportunity — the de minimis safe harbor election — that allows eligible businesses to immediately expense certain property that would have to be capitalized otherwise

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Smart timing of business income and expenses can save tax — or at least defer it

By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be in the same or lower tax bracket in 2014, consider:

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Year-end tax planning for your investments

While tax consequences should never drive investment decisions, it’s critical that they be considered — especially this year: Higher-income taxpayers may face more taxes on their investment income in the form of the returning 39.6% top short-term capital gains rate and 20% top long-term capital gains rate and a new 3.8% net investment income tax (NIIT).

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Why you should max out your 2013 401(k) contribution

Contributing the maximum you're allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move:

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Beware of the AMT when doing year-end tax planning

As year end approaches, you may be trying to accelerate deductible expenses into 2013 to reduce, or at least defer, tax.

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Employee Benefits: 2014 Hot Tips

Prepared by: Doug Johnson, CPA, Manager

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Start planning now if you’d like to deduct medical expenses

Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to the extent that they exceed 10% of your adjusted gross income.

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IRS makes more same-sex couples eligible for federal tax treatment as a married couple

In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, including (1) filing status; (2) dependent exemptions and child credits and; (3) gift and estate tax breaks

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