How to Declare a Casualty Loss From Hurricane Sandy

October 31, 2012 Tax News 0 Comments Print this page Share

Hurricane Sandy has left her mark.  This included power outages, significant property damage and, sadly loss of life.

9 Easy Steps for a Mid-Year Tax Review

June 12, 2012 Tax News 0 Comments Print this page Share

Half of the year is almost over.  Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review. 1) Review your withholding.  Review your prior year income tax return for the income tax paid. Check your year-to-date paystub to see if your withholding is tracking where it needs to be.  If you need to adjust your federal withholding, file Form W-4 with your employer.  You should also review your state income tax … Continue reading »

2012 Tax Benefits Increase Due to Inflation Adjustments

February 22, 2012 Tax News 0 Comments Print this page Share

Every year the IRS must adjust the dollar amounts of a variety of provisions which affect every taxpayer, to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013 include the following:

7 Smart Year End Tax Planning Moves

December 7, 2011 Tax News 6 Comments Print this page Share

1) Harvest Capital Losses

Capital gains property includes stocks, bonds and mutual funds.  Currently, the stated rate on long term capital gains is 15%.  If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.