With the tax return deadline rapidly approaching, you still have time to make a 2011 contribution to an IRA.
While you might choose to contribute to a Roth IRA because of the future tax savings available, a contribution to a traditional IRA may entitle you to an immediate tax deduction.
In a new revenue procedure, the IRS has issued the annual tables for the depreciation deductions available to owners of passenger automobiles, trucks and vans first placed in service during calendar year 2012.
A recent decision of the Tax Court demonstrates a tax risk sometimes encountered by employees of enterprises that have the potential for becoming financially unstable.
This case (Patrick J. Sheedy and Karen J. Sheedy v. Commissioner, T.C. Memo 2012-69, March 14, 2012) also reinforces the importance of fully understanding the tax consequences of exercising stock options.
Paul DiMundo set up a corporation in 2002, had all of the shares issued to a custodial Roth IRA account and had the corporation elect to be taxed as an S corporation.
An S corporation is generally not subject to tax. Instead, the income of the S corporation is taxed directly to the shareholders.
The message of a recent survey seems to be: Don't get caught littering.
Forbes magazine reports that the Shelton Group, a green marketing firm based in Knoxville, Tenn., had 1,105 Americans complete online surveys in an effort to find out what kind of messages will make them adopt more environmentally friendly and energy-efficient products and behaviors.
