The Fall and Rise – Investment updates

New Year signifies the coming of the new IRS tax season.  Don’t hold your fire just before the April 15 deadline to prepare the taxes.  The time to consider action is now.  The lists below are the most helpful guidance on how to prepare the taxes for the following year so that the payment will not go over the “what should be” amount.

Do charitable contributions

The contributions should count towards this year’s taxes if companies will donate to charity earlier than December 21 this year.  Besides donations of cash and kind, it is possible to contribute stocks that have performed well during this year.  By contributing the shares, companies will not be taxed on the gains.  It is easy to also go the conventional course by aiding in funds.  If organizations will transform the contribution to credit card, the contribution is also counted as year’s expenses even though they solely pay for the credit card next year.  Checks issued also counts but companies have to make all the contributions by December 31 this year.

Contribute more towards your IRA

Companies can choose to contribute towards an account up to a maximum threshold if they have an Individual Retirement Account (IRA) like a 401(k) or 403(b). Check the withholding and see if it is supporting to the optimum for the company.  If not, the organization can increase their withholding and contribute as much as they can towards the maximum allowed.  By doing so, it will increase the deductible total amount from the taxable earnings and the company pays less for this year’s taxes. For companies who do not possess a retirement account, there is still time to set one up due to the fact that some sorts of accounts can be set up by December 31 whereas others can be created by April.

Work from home Independent business owner of some sort, may need to take into account moving their functions to their own house. If there is a space or area at home which is utilized as the permanent place of organization, it is possible to deduct 10% of the costs similar to rental, utilities and housekeeping bills from the taxable revenue. Organizations do not essentially have to meet customers at the home office, either.  For instance, a person may be a plumber or electrician which can make home calls.

Declare Energy-saving credit

It is possible to declare a Non-business Energy Property credit for 10% of the cost of energy-saving items (set up expenses may not count) till a $500 lifetime optimum if an enhance of a home is done by installing energy-saving items like far better insulation, windows or heating. If companies set up only home windows, the threshold is $200. If companies install certain alternative energy producing equipment such as geothermal heat pumps, solar panels and wind turbines, they are entitled to claim 30% of its costs under the Residential Energy Efficient Property Credit.  But they have to make sure to check the manufacturer’s IRS tax credit certificate before making purchases of these materials and equipment.

Do not inflate 2012 income unnecessarily

In efforts to defer paying taxes, many IRS taxpayers would push investment income from this year to next year while claiming deductions this year.  But such move may backfire if the IRS tax rates increase in 2013 (which is likely).  IRS Tax rates on long-term capital gains and qualified dividends could jump from the current 15% to as high as 35%.

It is important to take actions now. As the saying goes, “The early bird catches the worm.” Planning and preparing for the IRS tax for next year can save a lot of resources especially on time and money. 

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My brother is a financial advisor and runs his business from his home. he has been doing this now for several years and is very successful. He said that staying organized with his client information is vital and that he uses phone organizer software to manage it all. It also lets him email reminders to his client base for tax purposes and other discount offers. You can find phone book software for a very reasonable price on the Internet. He claims that running a business without it is a bad idea and that he uses it every day to stay organized and save time.

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One of the biggest uses of a self directed IRA is for it to be used for real estate investments. While this is also known as creating your own bank instead of having to go to a traditional lending institution to secure a loan, which can be tricky at best, there are some things to keep in mind. While a self directed IRA can be used to finance the purchase of real estate, the self directed IRA rules state that you can only invest and not manage the rehab, purchase or sale of the property.

This year’s Christmas bonus is going to be given to the employees a little later. I know how much I am getting and I already know what I want to buy everyone. So I am going to a payday loan company here in town to borrow the money. Then when my Christmas bonus gets paid, I can just pay it off. It should make the holiday season much less stressful. I hate waiting till the last minute to shop for gifts.