Yearly Archives: 2013

IRS announces January 31 start date for 2014 filing season

From IRS.gov: WASHINGTON — The Internal Revenue Service announced plans to open the 2014 filing season on Jan. 31.The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test … Continue reading

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KyCPA seeks clarification on Kentucky’s LLET statute

From KyCPA.org: KyCPA testifies on LLET during legislative committee hearing Kentucky Society of CPAs President Harry Freibert, KyCPA Government Affairs Director Charles George, and businesswoman Vivian Stobaugh, CPA, testified at the Interim Appropriations and Revenue Committee hearing in Frankfort recently … Continue reading

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DMLO Report: Year-end tax planning tips to avoid penalties

In order to avoid federal estimated income tax penalties for the 2013 tax year, an individual taxpayer must make estimated federal tax payments equal to their “required annual payment.” The required annual payment generally is the lesser of 100% of … Continue reading

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Tax Bites: Smart timing of income and expenses can save or defer tax

By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you’ll be in the same or lower tax bracket in 2014, consider: … Continue reading

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Tax Bites: Gift tax annual exclusion still a good idea

Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million in 2013). But even with the rising exemptions, making annual … Continue reading

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IRS Announces 2014 Inflation Adjustments

The Internal Revenue Service recently announced annual inflation adjustments for tax year 2014 for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items … Continue reading

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Tax Bites: Maximize 2013 depreciation deductions

If you’ve recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated much faster, perhaps dramatically increasing your current deductions. Typical assets that … Continue reading

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Tax Bites: Executive compensation and expanded Medicare tax

Will your executive compensation be subject to expanded Medicare taxes? Maybe. The following types of executive compensation could be subject to the health care act’s 0.9% additional Medicare tax: • Fair market value (FMV) of restricted stock once the stock … Continue reading

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DMLO Celebrates Founders On 38th Anniversary

In a ceremony earlier this month, DMLO honored the founding partners – Joel Deming, Bill Malone, John Livesay, and Armand Ostroff. October 1st marked the thirty-eighth anniversary of the date they sat around a table and utilized Malone’s expertise in … Continue reading

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Tax Bites: Why you should max out 2013 401(k) contribution

Contributing the maximum you’re allowed to an employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, is likely a smart move: • Contributions are typically pretax, reducing your modified adjusted gross income (MAGI), which can also help … Continue reading

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Tax Bites: Expiration date for home mortgage debt forgiveness

Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with qualified principal residence indebtedness (QPRI). The exclusion had been available … Continue reading

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Tax Bites: Will your investment income be subject to the new 3.8% NIT?

Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may owe a new Medicare contribution tax, also referred to as … Continue reading

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Tax Bites: Owners of leasehold, restaurant and retail properties must act soon

In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying leasehold improvements made in 2013. Section 179 expensing. Congress revived … Continue reading

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