Comments for Bradstreet CPAs Tax Tip of the Week http://www.bradstreetcpas.com/blog Timely, relevant bursts of tax nuggets Tue, 24 Apr 2012 15:40:27 +0000 hourly 1 http://wordpress.org/?v=3.3.2 Comment on Another Successful Tax Season | Tax Tip of the Week | No. 142 by bradstreetblogger http://www.bradstreetcpas.com/blog/2012/04/taxtip142/#comment-75 bradstreetblogger Tue, 24 Apr 2012 15:40:27 +0000 http://www.bradstreetcpas.com/blog/?p=1073#comment-75 Hi Joan, Thank you for your comment / question! I'll tell you the job that either candidate has in front of them will make for some tough choices, and not choices that I would want to make! I think if they called and asked for my advice I would lead with that there might be opportunities for cost savings on both the government end and the taxpayer end if the entire process was simplified, specifically the post filing process, i.e. the IRS correspondence and audit phases. Thank you for your kind words, we love producing the tax tip of the week! Hi Joan,

Thank you for your comment / question! I’ll tell you the job that either candidate has in front of them will make for some tough choices, and not choices that I would want to make! I think if they called and asked for my advice I would lead with that there might be opportunities for cost savings on both the government end and the taxpayer end if the entire process was simplified, specifically the post filing process, i.e. the IRS correspondence and audit phases. Thank you for your kind words, we love producing the tax tip of the week!

]]> Comment on Another Successful Tax Season | Tax Tip of the Week | No. 142 by Joan http://www.bradstreetcpas.com/blog/2012/04/taxtip142/#comment-74 Joan Wed, 18 Apr 2012 13:26:27 +0000 http://www.bradstreetcpas.com/blog/?p=1073#comment-74 Hi Rick, With the Presidential election this year, and the related topic of tax reform inevitably popping up, I'm curious what reforms you would suggest if President Obama or the Republican candidate, looking like Mr. Romney, were to call you and ask your advice. (Generally speaking I mean, although I'm sure you could get extremely detailed!) By the way, really enjoy the Tax Tip of the Week email! Hi Rick,
With the Presidential election this year, and the related topic of tax reform inevitably popping up, I’m curious what reforms you would suggest if President Obama or the Republican candidate, looking like Mr. Romney, were to call you and ask your advice. (Generally speaking I mean, although I’m sure you could get extremely detailed!)
By the way, really enjoy the Tax Tip of the Week email!

]]> Comment on 2011 Form 1099 Reminder | Tax Tip of the Week | No. 128 by storminnorm http://www.bradstreetcpas.com/blog/2012/01/taxtip128/#comment-54 storminnorm Wed, 25 Jan 2012 18:19:40 +0000 http://www.bradstreetcpas.com/blog/?p=976#comment-54 The neighbor kid who cuts the lawn will not be happy! The neighbor kid who cuts the lawn will not be happy!

]]> Comment on Increase in Social Security Wage Base | Tax Tip of the Week | No. 127 by bradstreetblogger http://www.bradstreetcpas.com/blog/2012/01/taxtip127/#comment-53 bradstreetblogger Wed, 25 Jan 2012 13:55:03 +0000 http://www.bradstreetcpas.com/blog/?p=966#comment-53 Thank you for the update Tony, you are 100% correct the Social Security Wage Base for 2012 is $110,100. We also appreciate your add on regarding the looming recapture provision, this is an issue we will continue to keep our eye on! Thank you for the update Tony, you are 100% correct the Social Security Wage Base for 2012 is $110,100. We also appreciate your add on regarding the looming recapture provision, this is an issue we will continue to keep our eye on!

]]> Comment on Deductions vs. Tax Credits | Tax Tip of the Week | No. 87 by IRS Audits Its Own Activity | Tax Tip of the Week | No. 130 | Bradstreet CPAs Tax Tip of the Week http://www.bradstreetcpas.com/blog/2011/04/deductions-vs-tax-credits-tax-tip-of-the-week-no-87/#comment-52 IRS Audits Its Own Activity | Tax Tip of the Week | No. 130 | Bradstreet CPAs Tax Tip of the Week Wed, 25 Jan 2012 09:13:28 +0000 http://bradstreettaxblog.com/?p=511#comment-52 [...] the IRS was doing a poor job of policing returns, which contained these educational credits. (See TTW#87 for a refresher on refundable vs. non refundable [...] [...] the IRS was doing a poor job of policing returns, which contained these educational credits. (See TTW#87 for a refresher on refundable vs. non refundable [...]

]]> Comment on Increase in Social Security Wage Base | Tax Tip of the Week | No. 127 by Tony http://www.bradstreetcpas.com/blog/2012/01/taxtip127/#comment-51 Tony Tue, 24 Jan 2012 20:07:49 +0000 http://www.bradstreetcpas.com/blog/?p=966#comment-51 The wage base stated in this article is slightly incorrect. The actual Social Security wage base for 2012 is $110,100. The wage base in this article is a hundred short. You may also want to give a tip about the recapture provision in the law as it now stands. Wages in excess of $18,350 for the first two months of 2012 will be subject to a 2% recapture as an income tax add on in 2013. But this may evaporate or increase if Congress extends the employee payroll tax break for all of 2012. IRS news item: IR-2011-124, Dec. 23, 2011 The wage base stated in this article is slightly incorrect. The actual Social Security wage base for 2012 is $110,100. The wage base in this article is a hundred short.

You may also want to give a tip about the recapture provision in the law as it now stands. Wages in excess of $18,350 for the first two months of 2012 will be subject to a 2% recapture as an income tax add on in 2013. But this may evaporate or increase if Congress extends the employee payroll tax break for all of 2012.

IRS news item: IR-2011-124, Dec. 23, 2011

]]> Comment on Year End Tax Planning by Steven J Fromm http://www.bradstreetcpas.com/blog/year-end-tax-planning/#comment-47 Steven J Fromm Sun, 25 Dec 2011 16:34:58 +0000 http://www.bradstreetcpas.com/blog/?page_id=886#comment-47 Your readers may also be interested in what are called charitable remainder trusts. These trusts are used to place monies in trust for the benefit of the donor and the tax-exempt organization. Basically, the donor (and his wife if desired) can be paid an income from the trust for their lives or for a term of years. When this time frame ends the charity named as the residual beneficiary gets the balance in the trust. The advantage for the donor is that they reserve income to themselves and get a tax deduction in the year the trust is funded for the actuarial value of the residue going to charity. There are various types of charitable remainder trusts and the provisions can be fine tuned to meet various needs. Finally there is something called a charitable lead trust, that works in the opposite way; the charity is paid first and for a number of years and then the balance goes to family or other non-charitable remainder beneficiaries. Your readers may also be interested in what are called charitable remainder trusts. These trusts are used to place monies in trust for the benefit of the donor and the tax-exempt organization. Basically, the donor (and his wife if desired) can be paid an income from the trust for their lives or for a term of years. When this time frame ends the charity named as the residual beneficiary gets the balance in the trust. The advantage for the donor is that they reserve income to themselves and get a tax deduction in the year the trust is funded for the actuarial value of the residue going to charity. There are various types of charitable remainder trusts and the provisions can be fine tuned to meet various needs.
Finally there is something called a charitable lead trust, that works in the opposite way; the charity is paid first and for a number of years and then the balance goes to family or other non-charitable remainder beneficiaries.

]]> Comment on Deductions vs. Tax Credits | Tax Tip of the Week | No. 87 by Who Pays Taxes? | Tax Tip of the Week | No. 112 | Bradstreet CPAs Tax Tip of the Week http://www.bradstreetcpas.com/blog/2011/04/deductions-vs-tax-credits-tax-tip-of-the-week-no-87/#comment-28 Who Pays Taxes? | Tax Tip of the Week | No. 112 | Bradstreet CPAs Tax Tip of the Week Wed, 28 Sep 2011 13:43:51 +0000 http://bradstreettaxblog.com/?p=511#comment-28 [...] Income Tax Credit, Home Buyer’s Credit, etc. (For a closer look at tax credits please refer to TTW #87). It is important to remember that this study only addressed federal income taxes.  All workers [...] [...] Income Tax Credit, Home Buyer’s Credit, etc. (For a closer look at tax credits please refer to TTW #87). It is important to remember that this study only addressed federal income taxes.  All workers [...]

]]> Comment on Do You Display a “Special Interest” License Plate on Your Car? | Tax Tip of the Week | No. 107 by headnutincharge http://www.bradstreetcpas.com/blog/2011/08/taxtip-107/#comment-21 headnutincharge Fri, 26 Aug 2011 17:04:42 +0000 http://www.bradstreetcpas.com/blog/?p=808#comment-21 wow. this is a very overlooked tax deduction. it all makes perfect sense. People walking over dollars to get to dimes! Love it! Thanks for sharing. wow. this is a very overlooked tax deduction. it all makes perfect sense. People walking over dollars to get to dimes! Love it! Thanks for sharing.

]]> Comment on Depreciation Options for Small Business Owners | Tax Tip of the Week | No. 79 by “Hummer Rules” Have Changed | Tax Tip of the Week | No. 95 | Bradstreet Blogger http://www.bradstreetcpas.com/blog/2011/02/depreciation-options-for-small-business-owners-tax-tip-of-the-week-no-79/#comment-17 “Hummer Rules” Have Changed | Tax Tip of the Week | No. 95 | Bradstreet Blogger Wed, 01 Jun 2011 13:04:23 +0000 http://bradstreettaxblog.com/?p=453#comment-17 [...] is due to the new bonus depreciation rules.  (See TTW #79 for a closer look at depreciation options).  Previously, SUVs were limited to a maximum first year [...] [...] is due to the new bonus depreciation rules.  (See TTW #79 for a closer look at depreciation options).  Previously, SUVs were limited to a maximum first year [...]

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