Tax Archives - Page 136 of 144 - Henssler Financial

Aug72009

The Investment Interest Deduction: Will You Get Your Deduction This Year? Margin Account Holders May Be In For a Surprise

TaxBy Henssler Financial August 7, 2009

The Internal Revenue Code allows investors to borrow money to make an investment, and to deduct that interest to the extent of their net investment income. However, many investors find that their investment income is treated as Qualified Dividend Income, which receives preferential tax treatment. For more information on why these investors cannot take an investment interest deduction, read this C.P.A. Insight.

Jul312009

Trips That Mix Business with Pleasure

TaxBy Henssler Financial July 31, 2009

You traveled to Aspen to sign a contract with a client on Thursday, but you stayed until Sunday to enjoy some time on the ski slopes to celebrate the deal. Before you write the entire trip off as a business expense, there are a few circumstances that need to be examined before determining deductibility. For more information on trips that mix business with pleasure, read this C.P.A. Insight.

Jul242009

Donating Usage of Your Rental Property

TaxBy Henssler Financial July 24, 2009

If you won a week at a vacation property in Florida in your church’s silent auction, you are allowed to enjoy your vacation, but you are not allowed to consider your bid as a charitable donation on your taxes. For more information on how the IRS views charitable use of vacation homes, read this C.P.A. Insight.

Jul102009

Tax Issues with Inherited IRAs

Retirement, TaxBy Henssler Financial July 10, 2009

If you are a non-spouse beneficiary of an IRA, the IRS has very specific rules as to how the IRA must be treated to avoid immediate taxation. Tax planning is a must as once mistakes have been made, they cannot be undone, which could result in loosing thousands of dollars to taxes. For more information on how an inherited IRA should be treated, read this C.P.A. Insight.

Jun262009

§1031—Tax Deferred Exchanges of Like-Kind Property

TaxBy Henssler Financial June 26, 2009

Remember your childhood when you traded one baseball card for another? That was OK, but if you traded your bicycle for a baseball card there were consequences? This experience is similar to how the IRS treats like-kind exchanges, except now your trade is brokered by lawyers, C.P.A.s and intermediaries. For more information on Section 1031 like-kind exchanges, read this C.P.A. Insight.

Jun192009

What are Required Minimum Distributions?

Retirement, TaxBy Henssler Financial June 19, 2009

With so many retirement account balances down, the President passed the Worker, Retiree, and Employer Recovery Act of 2008. This Recovery Act makes it allowable for taxpayers to forego taking a Required Minimum Distribution for 2009. For detailed information on which taxpayers this affects and who it benefits, read this C.P.A. Insight.

Jun122009

Estimated Taxes

TaxBy Henssler Financial June 12, 2009

The IRS wants you to pay your share of taxes as you earn your money. For individuals whose total tax obligation is more than $1,000, they must pay at least 90% of their taxes to avoid possible penalties and interest. To learn how to pay this obligation through withholding or estimated payments, read this C.P.A. Insight.

Jun122009

Basics of Gifting

Estate, TaxBy Henssler Financial June 12, 2009

Gifting is a way to reduce your estate by passing on property to others while you are still alive. Individuals are allowed to gift up to $13,000 in property to an individual per year. You may make as many $13,000 annual gifts as you wish to any number of individuals, without being required to file a gift tax return. For more information on the basics of gifting, read this Financial Strategy.

May292009

Credit and Debit Card Fees for Electronic Tax Payments are now Deductible

TaxBy Henssler Financial May 29, 2009

If you used your credit card to pay your federal individual income taxes, your credit card company likely charged you a fee close to 2.5% of your total payment. The good news is that the IRS has announced this convenience fee is deductible. For more information on how to deduct these fees, read this C.P.A. Insight.

May222009

Are You Holding Worthless Securities?

Investment Selection, TaxBy Henssler Financial May 22, 2009

If you have had the unfortunate experience of watching one of your securities investments plummet to worthlessness, you may be eligible for a tax deduction. However, the IRS has a strict definition of "worthless." For more information on what qualifies a stock to be worthless and how a taxpayer can take advantage of a loss of a stock that has a miniscule amount of value, read this C.P.A. Insight.

Category Archives: Tax