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Guidelines for Deducting Charitable Contributions

Americans as a whole are very generous. Each year Americans donate billions to charities in the form of cash and non-cash contributions. Charitable contributions of non-cash property pose special problems for the IRS, primarily because the amount of the deduction is generally the fair market value of the contributed property on the date of contribution. In recent years Congress has taken steps in an attempt... Read More

Telework Tax Credit for Georgia

With talk of gas prices climbing, the idea of telecommuting is becoming more and more appealing to many employees. However, it can be hard for employees to convince their employer that this is an effective alternative to working at an office. Thanks to the Georgia Telework Tax Credit, employers now have added incentives to set up telework programs. Telework is defined as performance of normal and regular... Read More

The Mortgage Mess and Unexpected Tax Consequences for Homeowners

Homeowners who over-extended themselves with creative financing arrangements and exotic loan terms are now facing some unpleasant and unanticipated provisions of the Tax Code. Not only are homeowners with the overwhelming possibility of losing their homes either voluntarily through selling at a loss or involuntarily through foreclosure, but many also must accept certain tax consequences for which they are... Read More

No Relief at the Pump? Evaluate Your Options

Effective July 1, 2008, the IRS raised the standard business mileage rate to 58.5 cents. With gas prices hitting all-time highs, businesses should evaluate whether this sufficiently reimburses travelers, or whether a switch to the actual expense method of computing vehicle expense deductions makes more sense. Two methods available: There are two basic methods that business taxpayers may choose to compute... Read More

Small Business and Work Opportunity Tax Act of 2007

At the end of May 2007 new tax legislation was signed into law. The following are some of the highlights (and lowlights) of the new legislation: Small Business Expensing. The new law extends and expands the Code Sec. 179 enhanced expensing provisions through 2010. It provides for an immediate 2007 increase in the expensing limit from $112,000 to $125,000, with the phase-out level increasing from $450,000... Read More

Estate Tax Reform

Estate tax laws are often considered to be some of the most complicated in our tax code & keeping up with the reforms can be challenging. Taxpayers want to avoid leaving an inheritance to heirs and then having a significant amount turned right over to Uncle Sam courtesy of estate taxes. For the short-term, the outlook is good. Congress has approved a schedule that increases the amount that an individual... Read More

Repayment of S Corp Affected by IRS Regulations

Many small and mid-size businesses operate as “S corporations” for income tax purposes. As an S corporation, the business does not compute a tax liability on its operations, but instead shareholders report their shares of the corporation’s income or loss on their individual income tax returns. In the current economic environment, many such businesses will be passing through losses to shareholders.... Read More

Gifting Appreciated Property – Benefits and Savings of Donating Stock

With the end of a tax year just around the corner, the time is right to review opportunities to deduct charitable contributions. Consider the benefits of gifts of appreciated property. Generally, a gift of appreciated property (such as stock) to a qualified charitable organization is deductible to the extent of the fair market value of the property at the time of the gift. The appreciation in the property... Read More

Debt, Debt and Taxes Too

Got debt. Got debt relief. Walked away. Now what? Generally, if you borrow money from a commercial lender and the lender later cancels or forgives either a portion or all of the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. There are some exceptions. Debts discharged through bankruptcy are not considered taxable income. Generally if you are... Read More