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Why you need to know the value of your assets. With the gift and estate tax exemptions currently at $5.34 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, it’s still important to know the value of your assets. First,…
More Tax Breaks for Your Family At Ciuni & Panichi, Inc., we are experts at finding all the credits you and your family deserve. Tax credits can be especially valuable because they reduce taxes dollar-for-dollar, where deductions reduce only the amount of income that’s taxed. Here are two credits available for higher education expenses: The…
Turn your business loss into a tax gain! If during the income tax return filing year, you found that your business had a net operating loss for the year, the news at tax time won’t be all bad. Even though nobody enjoys being unprofitable, a net operating loss does have an upside – it can generate tax benefits for your…
Could the Tax Deduction of State and Local Sales Taxes Save You Money? For the last several years, taxpayers have been allowed to take an itemized tax deduction for state and local sales taxes in lieu of state and local income taxes. Although this break hasn’t yet been extended to 2014, it is still available…
Additional Tax Benefits of Travel Are you thinking about combining a business trip and a family vacation this year? This is a great way to fund a portion of your vacation costs. But be careful or you could lose the tax benefits of business travel. Generally, if the primary purpose of your trip is business,…
Adjusting rental vs. personal use might save taxes With summer drawing to a close, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days, you don’t have to report the income. …
Employers Need to Watch Additional Medicare Tax In 2013 the Affordable Care Act (ACA) added an additional 0.9% Medicare tax on the excess earnings. Taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) had to pay more. Unlike regular Medicare taxes, this additional Medicare tax does…
Here are two tax pitfalls to be aware of Investing in mutual funds is an easy way to diversify a portfolio, which is one reason why they’re commonly found in retirement plans such as IRAs and 401(k)s. Beware of these two tax pitfalls if you hold such funds in taxable accounts, or are considering such…
Are You Missing Out on Tax Deductions? The answer could be yes. For you to take the dependent tax deduction up to $3,900 on your tax return under the adult-dependent exemption, the parent must have less gross income for the tax year than the exemption amount. Generally, Social Security is excluded, but payments from dividends, interest,…
Tax Filing Deadlines Not Just April 15th Do you file a paper tax return? If so, it’s important that you know the IRS’s “timely mailed = timely filed” rule: Your tax return is due April 15 and it’s considered timely filed if you make sure it is postmarked by midnight on April 15. Although, just…