Section 179 Limits May Be Cut Substantially in 2014
Business owners might have a big incentive to hurry up and make their large equipment purchases before the end of 2013. Unless current legislation is extended, Section 179 deduction limits will be drastically reduced beginning in 2014. Section 179 applies to long-term tangible personal property that you buy (new or used) to use in your business more than 50% of the time. For 2014, Section 179 is scheduled to be limited to $25,000, and the phase-out level will begin at $200,00
Small Tax Changes for 2013 Could Cost You Big
The Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012 created several small taxes on high-income taxpayers that went into effect for 2013. When you first learned about the laws that created Obamacare three years ago and averted the fiscal cliff in January, respectively, you might recall hearing a laundry list of seemingly “small” tax changes that were parts of these landmark laws. While these taxes might not have seemed like much individually, there is
10 Reasons Why You Might Hate Your CPA This Spring
How much you like your CPA often depends on how much you end up owing the IRS on April 15. CPAs across the United States are bracing for drops in their approval ratings this spring because of a series of tax changes that will cause many high-income taxpayers to owe more than they did in 2012. See our article, Small Tax Changes for 2013 Could Cost You Big. Here’s a list of the Top 10 reasons why you might hate your CPA this spring: Your itemized deductions will be lowered if y
