If you decide to donate property to charity, it’s critical that you comply with tax rules for substantiating the value of your gift. If you don’t, the IRS may deny your entire charitable deduction, even if your valuation is spot-on.
Both federal and state income tax credits exist for zero emission plug-in electric cars. Amounts, details, and qualifications for federal and state credit programs differ, so it is important to understand the differences and how to obtain and maximize the credits.
Bennett Thrasher is pleased to announce the release of our 2014-2015 Tax Guide. The guide is intended to familiarize readers with recent key tax law changes and highlight certain tax savings opportunities.
Remember that time when you or your accountant filed your tax return and you were hit with an unexpected tax bill? It’s not fun seeing that extra cash you had put away to go on vacation suddenly disappear. One of the causes of these unexpected tax bills could be from making changes to your investment portfolio at the end of the year.
The Atlanta Business Chronicle recently published a Viewpoint article written by Bennett Thrasher Partner and Tax Service Line Leader Jeff Call, titled “Year End Tax Plans Should Include a Look at Charitable Giving”.
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Many taxpayers first felt the effect of the new 0.9% Medicare tax in 2013. This new additional tax was legislated as part of the Patient Protection and Affordable Care Act and amended by the Health Care and Education Reconciliation Act of 2010.
As April 15th quickly approaches, you may be advised by your Bennett Thrasher Tax Professional to file an “extension.” In short, an extension is a form filed to request 6 additional months to file your tax return, making your due date October 15th.
The New Year is fast under way, which means tax laws have changed. For the 2013 tax year, a number of legislative items have expired, while others were extended from the American Taxpayer Relief Act of 2012. It is important to keep the following information in mind while reviewing your 2013 tax returns and planning for 2014.
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You have worked hard to shape your legacy, not only through financial planning, but through the cultivation of your values, your relationships and your community involvement. An important part of maintaining your legacy, and a critical part of your ongoing financial planning, is a proper estate plan.
The American Taxpayer Relief Act of 2012 (ATRA) was passed by the United States Congress on January 1, 2013 and signed into law by President Obama on January 2, 2013. ATRA averted critical tax effects of the potential “Fiscal Cliff.” A new marginal tax rate of 39.6% has been enacted as the top tax bracket for Single Individuals ($400,000), Married Filing Joint ($450,000), Married Filing Separate ($225,000) and Head of Household ($425,000).