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The goal of the Maginnis & Carey Tax and Business Alert is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.
This guide includes tips for 2010 filers including comprehensive coverage of The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act enacted in December 2010.
Anyone who owns property - a home, a car, a bank account, investments, business interests, a retirement plan account, collectibles, personal belongings, etc. - needs an estate plan. An estate plan allows you to direct how and to whom your property will be distributed after your death. If you have no estate plan at all, your property could be distributed according to your state's intestacy laws without regard to family needs or your desires.
Health care reform is now the law of the land and nearly every individual and business in the U.S. will be affected by the new law's provisions.
Oregon voters passed Measures 66 and 67, thereby confirming increases in Oregon taxes that were passed by the Oregon Legislature in 2009. We have received many questions on this subject, and so we are providing this general summary for everyone who wants to know how these important changes will affect them and their businesses in Oregon.
Failure to use head of household (HOH) filing status is a common tax filing mistake. HOH status is preferable to single or married filing separately status because the tax rate brackets are more favorable (except for the 35% single bracket) and the standard deduction is larger.
Technically, almost everything you own and use for personal, pleasure, or investment purposes is a capital asset. Capital assets include, but are not limited to, homes, household furnishings, stocks, bonds, and mutual funds.
Beginning in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 ($250,000 for a joint return or $125,000 for married filing separate) will be subject to a 3.8% surtax called the Unearned Income Medicare Contribution (UIMC) on net investment income.
The annual exclusion for gifts remains at $13,000 for 2012. This limit applies to the total of all gifts, including birthday and holiday gifts, made to the same individual during the year.
Most of the income we receive is taxable, but certain types of income are only partially taxed or not taxed at all.
Businesses that operate as C corporations have substantial flexibility when selecting a tax year. However, businesses that operate as partnerships or S corporations are restricted by law in their choice of a tax year.
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