SKR+Co Alert: Businesses need to plan now to be able to act quickly
October 25, 2012
This alert addresses year end tax planning strategies for businesses, the impact of buying a vehicle for your business, and also the new inflation adjustments announced by the IRS last week as well as pension plan limitations.
2012 year end tax planning for businesses
Some valuable tax breaks for businesses expired at the end of 2011, and others are scheduled to expire at the end of this year. Flow-through businesses, which, at least for federal purposes, are subject to individual rather than corporate income tax rates, also face scheduled income tax rate hikes for 2013. But some of these breaks could be extended, as could current income tax rates — or rates might even be lowered. What will happen depends largely on the outcome of the Nov. 6 elections. This article provides an overview of 2012 year end tax planning strategies for businesses in the current environment of tax uncertainty.
Read the full article HERE.
Tax advantages to consider when buying a vehicle for your business
 It's a good time to shop for a new vehicle. Thanks to the 50% first-year bonus depreciation deduction under the 2010 Tax Relief Act, if the vehicle is going to be used for business, there are significant tax advantages to consider.
Read the full article HERE.
IRS announces inflation adjustments for 2013, as well as pension plan limitations
For tax year 2013, the Internal Revenue Service announced last week annual inflation adjustments for more than two dozen tax provisions. We've highlighted a few in this article.
Also, the IRS announced cost-of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013.
Read the full article HERE.
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Tax Seminar
The Fiscal Cliff: Tax changes are coming – Are you ready?
DATE: Monday, Nov. 12th TIME: 3:30-5:00 p.m.
LOCATION: The Fine Arts Center, Music Room
COST: FREE!
2013 promises great uncertainty for individuals, business owners, real estate professionals, and investors as a result of the presidential election, the approaching “fiscal cliff,” new tax provisions of the Affordable Care Act coming into effect, and other beneficial tax provisions expiring.
This seminar will help you understand these changes and their potential effects on you and your investments and the planning opportunities available today for mitigating the consequences of a rising tax rate environment. Our discussions will include the many changing provisions, relevant examples of what those changes will mean to you, and specific ideas and considerations to evaluate as part of your year-end tax planning.
For more information on this seminar, Click Here.
Registration is required and is now OPEN! REGISTER HERE
This e-blast covered a lot of information and you may have questions. We would love to hear from you! Call us at (719) 630-1186 or contact us through our Secure Email.
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