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DeAnn M Bogart, CPA
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Accounting and Bookkeeping Services, Tax Preparation, Payroll Services, and Business Consulting - First Consultation is free
Accounting and Bookkeeping Services, Tax Preparation, Payroll Services, and Business Consulting - First Consultation is free

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Individual Taxpayers tax tip

Harvest losses from securities sales. Capital losses can offset capital gains for the year plus up to $3,000 of ordinary income. Any excess loss is carried over. Thus, this could be an opportune time to realize losses that can offset earlier or anticipated gains. Note that this strategy also reduces exposure to the 3.8% Medicare surtax on net investment income.
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Business Tax Tip

Stock up on depreciable equipment. Under current law, the maximum Section 179 deduction for business equipment is limited to only $25,000, while 50% bonus depreciation generally isn't allowed in 2014. Nevertheless, don't hesitate to buy needed equipment if the price is right. At tax return time, you can maximize deductions, including any retroactive extensions of favorable provisions ultimately approved by Congress.
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Taxpayers beware there is a new phone scam going on the thieves tell victims they could be arrested, deported or lose their busniness or drivers's license if they refuse.

The thieves spoof caller ID appears to be calling from the IRS, and often know the last four digits of the a target's Social Security number. They also use common names, fake badge numbers and follow up with official-looking ...e-mails.

"If someone unexpectedly calls claiming to be from the IRS and threatens police arrest, deportation or license revocation if you don't pay immediately, that is a sign that it really isn't the IRS calling."

Taxpayers are generally contacted first by mail, and a bona fide IRS never insists on payment by debit card or wire transfer, and they don't ask for credit card numbers over the phone.

Also the IRS does not e-mail taxpayers.
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How will the end of some popular credits and deductions affect your business?

Did you know that bonus 50% first-year depreciation will no longer be available to your business in 2014 and beyond? And that Section 179 expensing limit, which allows you to deduct qualified costs immediately instead of expensing them over time, will tumble to $25,000 from $500,000, where it's been for the last four ...years? These are just a few of the changes that businesses should prepare for this year. Wile many tax rules are permanent, others are written to expire at some point in the future. Some are extended are given new deadlines, but a significant number of popular "extenders" terminated at the end of 2013, including both business credit and deductions.

How will the end of these and other credits or deductions affect you? And what other tax law changes could have an impact on your company finances? Contact my office to find out the answers, I can offer advice and planning recommendations you need to minimize your tax bill and enhance you business's financial situation
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As of January 1, 2013, there is a 3.8% net investment income tax on some categories of passive investment income for individuals, trust and estate that exceed certain income thresholds. As a result, it is in your best interest to identify these income sources and adopt strategies to lower your modified adjusted gross income or your net investment income to avoid the surtax. If you think the new tax may apply to you, I can explain your choices and help you pick the best strategy to mitigate your tax bill.
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The Internal Revenue Service announced last week it has started more than 200 new investigations this filing season into identity theft and refund fraud schemes. The IRS Criminal Investigation department has started 295 new identity theft investigations since January, pushing the number of active cases to more than 1,800.
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SAY GOOD-BYE FOR NOW TO THESE TAX BREAKS

Several tax deductions or credits can be claimed for tax returns filed in 2014, but they cannot be used on 2014 tax returns as they expired December 31, 2013* -- below are a few popular ones.

Teachers' classroom expenses -- Primary and secondary educators could claim an above-the-line deduction for up to $250 in unreimbursed expenses.

Deductions for mort...gage insurance premiums -- These premiums will no longer be treated as interest that can be deducted.

Tax credit for purchasing energy-efficient appliances and making energy-saving home improvements.

The charitable rollover, which allowed someone age 70 1/2 or older to make tax-free distributions from an IRA to a charity as a gift.

Deduction for state and local sales taxes -- taxpayers could deduct these instead of state and local income taxes.

*Legislation has been introduced in Congress to extend these provisions through 2014.
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Family Tax Benefits Made Permanent

The child tax credit ($1,000 per child)

The child and dependent care credit (up to $3,000 of expenses for the first child, $6,000 for multiple children)

The tax credit for qualified adoption expenses ($12,970 in 2013)
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