When you hear the term “tax expenditure,” you probably think of the amount of tax you pay with your return. But from a tax collection point of view, tax expenditures are items that reduce tax liability, such as exclusions or deductions. Both play a role in tax planning. (more…)
Posts Tagged ‘adjusted gross income’
Tax Tip Tuesday! Landlords May Qualify For A Passive Loss Exception
If you’re thinking of buying rental real estate while home prices are low, you’ll want to be aware of passive activity loss rules. (more…)
Tax Tip Tueday! Don’t Forget The Adoption Credit
In the avalanche of information about the tax laws that were extended last December, you may have forgotten a benefit amended earlier in the year. (more…)
Tax Tip Tuesday! 2011 Tax Numbers Are Adjusted For Inflation
Adjusting numbers in the federal income tax code to account for inflation, known as indexing, is an annual event. Indexing affects deductions, exemptions, exclusions, tax brackets — and your tax planning. (more…)
Tax Tip Tuesday! Year-end Tax Housekeeping
This year will soon end… but you have a few more days to complete tax tasks before the calendar rolls into 2011. (more…)
The Big 2010 Question: To Roth or Not?
For the first time ever, high-income taxpayers are eligible to convert a traditional IRA to a Roth IRA. Prior to 2010, you could not convert to a Roth in a year in which your modified adjusted gross income exceeded $100,000. (more…)
