n 2013, there were multiple changes in certain tax rates. Make sure to be aware of these changes before filing your 2013 tax return so that there are no surprises on your return. Increase in Top Tax Rate Beginning in 2013, a new top tax rate of 39.6 percent took effect. This rate applies to [...]

Are you wondering how to make a difference in your tax return? Deferring or accelerating your deductions could make the impact that you are looking for. Deferring Deductions into 2014 If a client expects to move into a higher tax bracket in 2014, or anticipates a substantial increase in taxable income or net investment income [...]

Today, we will address the benefits of either accelerating your income into 2013 or deferring your income into 2014 depending on your financial situation. Accelerating Income into 2013 It may be prudent to accelerate income into 2013 where the taxpayer will have more income in 2014, with the potential of being in a higher tax [...]

In today’s post we will address:  1) Charitable Donations Using IRA Distributions 2) Qualified Principal Residence Debt Exclusion 3) Expiring Tax Credits. Charitable Donations Using IRA Distributions There is a special rule, not available after 2013, allowing taxpayers age 70-1/2 and older to make a qualified charitable distribution of up to $100,000 from the individual's [...]

Since the end of the year is just around the corner and because of the many changing tax regulations for the next couple of weeks we will be posting a series of tax tips and helpful information. Increased Threshold for Deducting Medical and Dental Expenses Medical and dental expenses are only deductible if they exceed [...]

Over the past 15 months Northern Colorado has experienced several significant natural disasters. In a previous newsletter we wrote an article on the tax ramifications of casualty losses. In light of the recent devastating floods, we felt it was appropriate to reprint that article A casualty loss can result from the damage, destruction or loss [...]