Archives For Business

They are invisible taxes that consumers don’t know they’re paying on cigarettes, alcohol, gambling, and pot. Thanks to accountingschoolguide.com, check out this infographic to see what things would look like in the absence of these sin taxes. Continue Reading…

PLANNING FOR BUSINESSES [Part 7/7]

Renewable Resources Credit

ATRA modified the Code Sec. 45 renewable electricity production tax credit for electricity produced from wind and other qualified facilities. ATRA replaced certain placed-inservice deadlines with new deadlines and revised certain definitions, including the term “municipal solid waste.” The amount of the credit varies depending on the type of technology. Continue Reading…

PLANNING FOR BUSINESSES [Part 6/7]

15-Year Recovery For Leasehold/Retail Improvements, Restaurant Property

ATRA extended through 2013 the 15-year recovery period for qualified leasehold improvements, qualified retail improvements and qualified restaurant property. To qualify for this accelerated recovery period, the qualifying property must be placed in service before January 1, 2014. Continue Reading…

PLANNING FOR BUSINESSES [Part 5/7]

Businesses seeking to maximize tax benefits through 2013 year-end tax planning may want to consider two general strategies:

  1. Use of traditional timing techniques for income and deductions; and
  2. Special consideration of significant tax incentives (known as tax extenders) scheduled to expire at the end of 2013. Continue Reading…

Victims of recent severe storms and flooding in Colorado have one less thing to worry about: their taxes.

The Internal Revenue Service (IRS) announced yesterday that businesses and individuals residing in the federally declared disaster areas — Adams, Boulder, Larimer and Weld counties — may qualify for tax relief. Continue Reading…

Now that President Obama is on the campaign for corporate tax reform, some small business leaders are trying to rehash arguments from the fiscal cliff negotiations over individual income tax rates.

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Until recently, the Internal Revenue Service (IRS) had complex filing requirements for self-employed or small business taxpayers interested in taking advantage of the home office deduction. While not getting rid of the old requirements completely, the IRS developed a simplified home office deduction option beginning in the 2013 tax year. This simplified method is an easier way to deduct business expenses incurred while working from home.

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Corporate tax evasion is a growing global phenomenon. The amount of money corporations stash in tax havens is greater than the size of the U.S. economy. What’s more absurd, 18,857 companies call a five-story building in the Cayman Islands “home.”

The U.S. alone stockpiles nearly $2 trillion foreign tax shelters to evade some of the highest effective tax rates in the world. Check out the following infographic on tax havens, which outlines some shocking figures concerning the state of foreign tax avoidance.

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Happy Earth Day everyone. Say what you will about the cost of going green, but there’s no denying that caring for the environment has given taxpayers some pretty sweet tax breaks, credits and deductions over the years. Here are a few you should take advantage of, if you haven’t already.

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In a weak, recovering economy and at a time when information is more easily available than ever before, it seems logical that households – particularly lower-income households, would have improved their financial literacy.  Unfortunately, according to polls conducted by the National Finance Center and other research groups cited below, the problem is worse than it was last year.

There is plenty of blame to pass around for the shock of the 2007-09 financial crisis, but one party includes borrowers who took advantage of historically low financing rates without having the cash reserves necessary to withstand market fluctuations.  As one panelist at the 2012 Financial Literacy and Education Summit hosted by the Federal Reserve Bank of Chicago put it, “Individuals without emergency savings lack a buffer against unexpected financial shocks, threatening their personal financial stability, as well as decreasing [the] stability of the economy as a whole.”

In America, the financial literacy report card isn’t pretty.  The U.S. ranked next to last in international surveys; most kids learn money management skills from their parents, and most parents aren’t very good at managing their money.

While some states quarrel over whether or not to add creationism into their curriculum, only 13 states require personal finance courses.  See the full results in the infographic below:

JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.