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Author Archives: mcmbl0gger
Why 2013 may be the year to make that car or boat purchase you’ve been thinking about
For the last several years, taxpayers have been allowed to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes. The American Taxpayer Relief Act of 2012 has extended this break — … Continue reading
Posted in General, Tax
Tagged MCM, Mountjoy Chilton Medley, sales tax, Tax deduction
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Be prepared for the health care act’s “play or pay” provision
The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” is scheduled to take effect Jan. 1, 2014. It doesn’t require employers to provide health care coverage, but it in some … Continue reading
Portability doesn’t preclude the need for marital transfers and trusts
Exemption portability, made permanent by the American Taxpayer Relief Act of 2012, provides significant estate planning flexibility to married couples if sufficient planning hasn’t been done before the first spouse’s death. How does it work? If one spouse dies and … Continue reading
April 15 has passed — now what?
With the 2012 tax filing season behind us, it’s time to start thinking seriously about 2013 tax planning — especially if you’re a higher-income taxpayer, because you might be subject to one or more significant tax increases this year: Taxpayers … Continue reading
The perils of filing for an extension
Now that the 2012 tax return deadline is nearly upon us, if you haven’t filed your return yet, you may be thinking about an extension. This allows you to delay filing your return until the applicable extension deadline: Individuals — … Continue reading
The revived research credit can still reduce your 2012 tax bill
For many years, the research credit (also commonly referred to as the “research and development” or “research and experimentation” credit) has provided an incentive for businesses to increase their investments in research. But the credit expired at the end of … Continue reading
Posted in General, Manufacturing, Tax
Tagged American Taxpayer Relief Act, R&D Credit, Research Credit, Taxes
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IRS provides penalty relief to certain late filers
On March 20, the IRS issued guidance providing penalty relief to both individual and business taxpayers who file for an extension of their 2012 tax return and ultimately owe additional tax — but only if they meet certain criteria. First, … Continue reading
Do you need to file a 2012 gift tax return by April 15?
Generally, you’ll need to file a gift tax return for 2012 if, during the tax year, you made gifts: That exceeded the $13,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with … Continue reading
Yes, there’s still time to make a 2012 IRA contribution!
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward … Continue reading
You don’t have to be a manufacturer to take the “manufacturers’ deduction”
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer … Continue reading
Posted in Uncategorized
Tagged Manufacturers Deduction, Section 199, Tax Filing, Taxes
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