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Archive for December, 2009
Financial Calculators
by P. Lewis RobinsonDec
30
Deductible Expenses/Contributions for 2009
by P. Lewis RobinsonDec
24
Charges to your credit cards (not store credit cards) are deductible on the date charged rather than the date payment was made on the credit card. Thus, if you charge deductible expenses/charitable contributions on before December 31, 2009, they can be used as deductions on your 2009 respective income tax return.
Five things to Know About Capital Losses
by P. Lewis RobinsonDec
19
Capital losses can fully offset capital gains.
Capital losses in excess of capital gains can offset up to $3,000 of ordinary income.
Unused capital losses for the year can be carried forward indefinitely.
No capital losses can be claimed currently if substantially identical securities are purchased 30 days before or after the loss sale (the “wash sale rule”).
When a taxpayer dies, capital losses die with him or her; they cannot be used beyond the taxpayer’s final return.
Capital losses can fully offset capital gains.
Capital losses in excess of capital gains can offset up to $3,000 of ordinary income.
Unused capital losses for the year can be carried forward indefinitely.
No capital losses can be claimed currently if substantially identical securities are purchased 30 days before or after the loss sale (the “wash sale rule”).
When a taxpayer dies, capital losses die with him or her; they cannot be used beyond the taxpayer’s final return.
Standard Mileage Rate Set for 2010
by P. Lewis RobinsonDec
8
The IRS announced the standard mileage rates for use a vehicle for certain purposes in 2010.
•For business driving, the rate is 50¢ per mile (down from 55¢ per mile in 2009). This rate can be used by employers to reimburse employees under an accountable plan, eliminating the need to substantiate the cost of the business driving.
•For medical and moving, the rate is 16.5¢ per mile (down from 24¢ per mile in 2009).
•For charitable driving, the rate remains at 14¢; this rate is fixed by law and is not adjusted annually by the IRS.
When a vehicle used for business driving is owned, rather than leased, the deemed depreciation rate for 2010 is 23¢ per mile (up from 21¢ per mile in 2009). For example, if a self-employed individual drives her personal car for business 10,000 miles in 2010, she must reduce the basis of the vehicle by the deemed depreciation amount of $2,300 (10,000 miles x 23¢).
Source:IR-2009-111; Rev. Proc. 2009-54
IRS has released its updated Publication 17 (Your Federal Income Tax) for use in preparing 2009 returns
by P. Lewis RobinsonDec
7
The 300-page-plus work reflects the many tax changes that affect the 2009 return, including the changes made to the first time homebuyer tax credit (FTHTC) by the Worker, Homeownership, and Business Assistance Act of 2009 (the Act, P.L. 111-92). IR 2009-112
2010- Roth IRA Conversion Opportunity for Everyone
by P. Lewis RobinsonDec
4
On May 17, 2006 President Bush signed into law the Tax Increase Prevention and Reconciliation Act of 2005 that, starting in 2010, eliminates the $100,000.00 limitation from conversions from a regular IRA to a Roth IRA. This law also has a special provision for conversions made in 2010 that allows one-half of the amount includable in the taxpayer’s gross income as a result of the conversion to be added to the 2011 income and one-half in 2012. Roth IRA Advantages: Growth in a Roth ITA is tax-free Withdrawals from a Roth IRA are tax-free after five years, or age 59 ½ if later No required Minimum Distributions Beneficiaries do not pay income taxes when they inherit your Roth IRA Beneficiaries may continue tax-free growth and to receive tax-free distributions over their life expectancies For more details, please email your questions to: plrcpa@bellsouth.net
December 2—House Majority Leader calls for quick action on permanent estate tax fix; extenders bill likely before year end.
by P. Lewis RobinsonDec
2
On December 1, House Majority Leader Steny Hoyer (D-MD) told reporters that “this week we will be dealing with the estate tax” and predicted the House will permanently fix the estate tax problem. He also predicted extenders legislation will pass the House before its holiday recess this month.
Hoyer said the House leadership believes that a permanent estate tax extension is the best policy, with the estate tax exclusion set at a “reasonable level” of $3.5 million. He said this exclusion would protect all but the wealthiest, and would prevent small farms or small business from having to be dissolved in order to settle claims for estate taxes. Hoyer predicted that the estate tax bill to be on the floor “soon.”
The House Rules Committee is scheduled to meet on December 2 to report out the rule for H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009. The House could take up the bill as early as Thursday, December 3.
