TWILLEY, ROMMEL & STEPHENS P.A

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Tax Savings and Business Strategies Newsletter Q3 2013

16.11.2013
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Tax Savings and Business Strategies Newsletter Q3 2013

This newsletter contains information on:

New In-Plan Conversions
Tax-Free Gains from Home Sales
Diversify 529 Accounts
Maximizing Medical Deductions
Using the Work Opportunity Tax Credit

This CPA Client Tax Letter is provided by Twilley, Rommel & Stephens P.A.  to its clients through an arrangement with the AICPA, which holds the copyright to the CPA Client Tax Letter and reserves all rights. Permission is required for any further redistribution or reuse of this content. Please direct any such inquiries to copyright@aicpa.org […]

About Time to Consider Switching Your IRA to a Roth IRA

24.09.2013
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About Time to Consider Switching Your IRA to a Roth IRA

For more than a decade, Roth IRA accounts have been one of the best tax breaks available. Once age requirements are met, earnings on already taxed dollars are withdrawn tax-free.

Changes in 2010

Through 2009, adjusted gross income could not exceed $100,000 (single or married) to qualify for a conversion of a traditional IRA account to a Roth IRA. Now, in 2010, a new opportunity arises as income limits on Roth IRA conversions are permanently repealed. As an added bonus, the tax bill […]

Small Business Jobs Act of 2010

24.09.2013
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Small Business Jobs Act of 2010

Here are highlights of the tax changes in the 2010 Small Business Act.

– Depreciation Expensing  Limits Increased

Increased Section 179 expensing from $250,000 to $500,000 for 2010 and 2011; phaseout of deduction begins after $2 million of eligible property purchased
Up to $250,000 of qualified real property purchases can be expensed
Bonus first-year depreciation (50%) extends through 2010
First year dollar cap for passenger autos increased from $3,060 to $11,060.

– Deduction for startup expenses increased […]

2010 Tax Act: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

24.09.2013
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2010 Tax Act: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

Here are highlights of the tax changes in the 2010 Tax Act:
– Major Provisions

two-year extension of the Bush tax cuts
reduction of estate tax
extension of unemployment benefits
alternative minimum tax (AMT) patch
extension through 2012 of the lower capital gains tax rate introduced in 2003
two-year extension of the repeal of the itemized deduction phase-out and the personal exemption phase-out

– Bush tax cuts referred to […]