Monthly Archives: August 2013

Prepared for the New Surtax?

The new Medicare surtax went into effect on January 1, 2013.  The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution, don’t get the idea you deduct … Continue reading

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Who Claims The Child?

Claiming a child can provide significant tax benefits. When couples divorce or separate, or even if the parents were never married, the question arises: who gets to claim the kids? This sometimes presents a nightmare for tax practitioners. This is … Continue reading

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Indiana Inheritance Tax Repealed

The Indiana General Assembly passed legislation repealing inheritance tax for Hoosiers who die after December 31, 2012.  The bill was signed into law on May 8, 2013, and lessens the load on families after their loved ones have passed away. … Continue reading

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Don’t Overlook Form 8594 When Buying or Selling a Business

Most businesses are made up of different types of assets, and those assets get different treatment for tax purposes. How those items are identified at the time of the sale/purchase can have a significant tax impact on both the buyer … Continue reading

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Fast Write Off of Business Assets

Normally, when a business acquires an asset, it must be capitalized and depreciated over its useful life. However, tax law includes some provisions that allow the entire asset or some portion of it to be written off in the first … Continue reading

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Mid-Year Tax Planning Checklist

All too often, taxpayers wait until after the close of the tax year to worry about their taxes, missing opportunities that could reduce their tax liability or help them financially. Fall is the perfect time for tax planning. The following … Continue reading

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