Tax Tips For The Stressed Entrepreneur

Tax Tips For The Stressed Entrepreneur

 

There is something frustrating about the financial planning calendar. People need to make decisions by the end of the year, but that is exactly when the distractions of the holiday season are at their peak. There is an added twist for 2012: with the pending expiration of the Bush tax cuts, no one knows for sure what tax rules will be in effect for 2013 and beyond.

One still needs to do what one can. Bill Harris, CEO of Personal Capital, sets forth a checklist on Inc.com. The general theme is to accelerate as many deductions as possible into 2012, where the tax treatment is likely to be more favorable.

His suggestion on capital spending will be of particular interest to small business owners. The generous Section 179 write-off drops next year from $139,000 to $25,000, while the 50% “bonus” depreciation deduction goes away entirely. It makes sense in this environment to do one’s capital spending by the end of the year if possible.

It may be hard to schedule during the holiday rush, but a timely chat with your tax advisor by December 31 may be the best guarantee against Santa leaving a lump of coal in your stocking. Of course, there is not much one can do escape the longer term designs of a government (and an electorate) enamored of high tax rates.

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@streetwise_IT

Retired from American Airlines after a 34 year career in corporate treasury management. Professional income tax preparer. Graduate of Georgetown University (BS Foreign Service) and The University of Texas at Arlington (MBA). Contributor to TMR since 2007. Host of "Italian Tomatoes" show on Blog Talk Radio. I am a center-right Republican with a passion for business, history and current affairs. Go to Blog Talk Radio to listen to my latest show Why Jeb Bush Is Not The One

More in

monty python jehovah

The First Stone Club- Juice Been There, Done That

Streetwise_ITMay 29, 2015
5_272015_b3-crow-warm-sign-g8201_c0-428-1870-1518_s561x327

Tom Steyer, Pope Francis, and climate change hypocrisy

Steve FoleyMay 29, 2015
John-McCain-pointing-Reuters-640x480

ACU Slams McCain for Selectively Citing Ratings to Make Himself Look Better

Steve FoleyMay 29, 2015
FILE - In this May 11, 2003, file photo, Microbiologist Ruth Bryan works with BG nerve agent simulant in Class III Glove Box in the Life Sciences Test Facility at Dugway Proving Ground, Utah. The specialized airtight enclosure is also used for hands-on work with anthrax and other deadly agents. The Centers for Disease Control and Prevention said it is investigating what the Pentagon called an inadvertent shipment of live anthrax spores to government and commercial laboratories in as many as nine states, as well as one overseas, that expected to receive dead spores. (AP Photo/Douglas C. Pizac, File)

Regarding the Latest Anthrax Blunder

Steve FoleyMay 29, 2015
Stop-the-Obamacare-Nightmare-e1421280136219

Obamacare’s State Exchanges: ‘Overpromised And Under Delivered’

Steve FoleyMay 29, 2015
The-Smell-of-Napalm-in-the-Morning

I Love the Smell of Fossil Fuels in the Morning!

Steve FoleyMay 29, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

November 2012
M T W T F S S
« Oct   Dec »
 1234
567891011
12131415161718
19202122232425
2627282930  

Archives

Copyright © 2014 The Minority Report Network