- Year-End Tax Planning Moves for Businesses
- As the end of the year approaches, many are looking for ways to reduce their business profits before year's end. Here are some possible moves that might apply to your situation.
- How to Avoid or Reduce Underpayment Penalties
- As the end of the year approaches, individuals should make sure that they have pre-paid enough tax for 2012 to ensure they will not be subject to the underpayment penalty for 2012.
- IRS Announces 2013 Automobile Mileage Rates
- Taxpayers may choose to deduct business automobile expenses using the actual operating expenses of an automobile plus depreciation, or they can use the “optional standard mileage rate” to compute business auto deductions for owned vehicles. If the taxpayer chooses the actual method, which includes MACRS depreciation, in the first business-use year, then the optional method may not be used in any future year. Thus, a taxpayer is unable to switch back to the standard mileage rate in any subsequent year for that vehicle.
- Education Credit Going Away in 2013?
- Unless Congress extends it, the American Opportunity Tax Credit (AOTC) expires at the end of 2012, leaving only the Hope and Lifetime Learning credit for 2013 and subsequent years.
- Year-End Tax Planning Moves for Individuals
- Uncertainty dominates year-end tax planning this year. Unless Congress acts, the Bush-era tax cuts will expire and bring higher tax rates and the loss of many deductions and credits starting in 2013. More individuals will be snared by the alternative minimum tax, which has not been patched for 2012 as it has for many years in the past.
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