Monthly Archives: October 2013

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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