January, 2013
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Section 179 / 50% Bonus Depreciation
Due to the passage of the new tax law this week, we have gotten several questions about Section 179 and bonus depreciation. A couple of questions are as follows: “Can you please expand on the extension of section 179? For 2012, will the limits remain at $139,000/$560,000 or do they increase to $500,000/$2mil. For 2013, […]
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Some More Goodies Buried in the Fine Print
Included in the tax bill passed this week were some additional tax “goodies” for both farmers and non-farm taxpayers. In previous years, taxpayers over age 70 1/2 were allowed to contribute up to $100,000 each year to a qualified charity and not have it count as income. The amount given to the charity was not […]
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Help! What Is My Capital Gains Tax Rate?!
We are continuing to digest the new tax bill (assuming President Obama signs it today). One of the unique features in this tax bill is, that for many taxpayers, they will not accurately know their capital gains (or qualified dividends) tax rate until they prepare their tax return. In brief, we know the following for […]
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Some Major Tax “Goodies” in Senate Bill For Farmers!
The Senate in the early morning hours of January 1, 2013 passed a bill to avert the “Fiscal Cliff”. This bill is now headed to the House and it may be passed, not passed or amended and passed back to the Senate for further agreement. Assuming that the Bill is passed as is, there are […]