Since introduced as part of the Job Creation and Worker Assistance Act of 2002, bonus depreciation continues to be a powerful tool for year-end business tax planning. Keep reading to discover just how powerful.
Author: Cathy Troyer
Ohioans carried an average of $3,595 worth of revolving credit card debt in 2015. Not only is this bad news for your financial well-being, scholars have found that those with credit card debt are likely to have mental health issues and higher levels of stress. Read on to learn what you can do to protect yourself.
Many small business owners may not be familiar with the mid-quarter convention and how it can affect their taxes. If you are not familiar with this issue, your business’s taxable income may be higher than you expected. The federal tax law allows businesses to take depreciation deductions on many assets that are used in the … Continued
My daughter will graduate from high school this spring. I wanted her to take a personal finance class this year, but it didn’t work out with her schedule. Last fall, I thought that I had plenty of time to discuss finances with her before she leaves for school next fall; but if the next five … Continued
We’ve all seen the TV commercials for freecreditreport.com. (And maybe the jingle is running through your head at the mere mention of its name!) This is just one of many websites offering consumers “free” credit reports. Most of these sites offer a “free” report, yet when you click on the offer for the free report, … Continued
Eligible taxpayers can make their 2012 Individual Retirement Account (IRA) contributions up until April 15, 2013, which is the due date of their 2012 individual income tax return. Many people chose to wait up until April 15 each year to make their prior year contribution. Are you one of those people? You may want to … Continued
Don’t be like so many individuals and business owners who don’t give their taxes very much thought until after the first of the year. If you fall into this trap, it may be too late to change your tax situation – start thinking about your year-end tax planning now. Key Year End Tax Planning Questions … Continued
Are you busy planning for the holidays? Most of us are. However, please don’t forget to consider some other important planning – tax planning. Are you considering making a charitable contribution sometime in the early part of next year? Would it be more advantageous to make that contribution before the end of the year? Should … Continued
Many people view alimony as monetary payments from one spouse to another after a divorce is finalized. But what about when you still live in the same household? Well, it depends. If the divorce is finalized, payments made to a spouse when both parties still reside in the same household, are not alimony. However, if … Continued
Many people think they need to have a large amount of money in order to start saving or investing. Others often think about paying off their mortgage early, but don’t actually follow through with it because they feel they can’t pay enough extra on the principal to really make a difference. However, a small amount … Continued