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Monthly Archives: July 2011
Maximizing depreciation deductions for business real estate
When buying business real estate—for your own occupancy or for rental to others—you should take steps that maximize the income tax depreciation deductions that you can claim for the property. Here are a few suggestions. Separating personal property from buildings. … Continue reading
10 Most Important 2011 Tax Developments
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Standard mileage rates increase for last half of 2011. The … Continue reading
Loss allowance on rental property
Today’s turbulent markets have wreaked havoc for many real estate owners. Many rental properties are delivering losses which raises questions about how one can deduct a loss from residential rental property. Rental activities generally fall into the category of “passive” … Continue reading
Uncle Sam thanks you for paying your life insurance premium
Few people realize that, even though they may have a modest estate, their families may owe hundreds of thousands of dollars in estate taxes because they own a life insurance policy with a substantial death benefit. This is so because … Continue reading
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FUTA surtax no longer in effect
Effective July 1, 2011 the 35 year old federal unemployment tax (FUTA) surtax will no longer be in effect. The surtax was one component of the 6.2% gross unemployment tax rate that employers paid on the first $7,000 in wages … Continue reading
