There is great concern over the expiration of the “Bush Tax Cuts”. The effect of these cuts expiring is currently being debated economically but the effect on the business owner not knowing is clear. For example it is currently impossible to estimate the true cost of a large fixed asset purchase when the income tax rules are not known.
Here are some of the tax issues coming in 2013:
Scheduled individual income tax rates adjusted for inflation in 2013.
Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations.
If you make a donation to a charity this year, you may be able to take a deduction for it on your 2011 tax return. Here are the top nine things the IRS wants every taxpayer to know before deducting charitable donations.
1. Make sure the organization qualifies Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization or check IRS Publication 78, Cumulative List of Organizations. It is available at www.IRS.gov.
THE NANCY PELOSI-HARRY REID Congress is preparing a parting gift for us: a 2011 tax-filing season fiasco at least as trying as the one in 2007.
It's already fairly certain that 2010 tax refunds for millions of filers will be delayed by many weeks, because Congress is waiting so late in the year to patch the alternative minimum tax to prevent it from snagging 20 million to 27 million new taxpayers.