News
At EGP PLLC, we feel it is our duty and obligation to keep our clients, business associates and trusted advisers current and up to date on a range of topics from tax law changes to the latest firm news. We have the knowledge, expertise and resources of our much larger competitors and place great value in delivering this information to you.
Itemizers Will Have to Wait
Following recent tax law changes, the Internal Revenue Service has said the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions will have to wait until mid- to late February to file their individual tax returns. In addition, taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid- to late February to file as well.
Changes in the law mean that the IRS will need to reprogram its...
Networking — Working a room really shouldn’t be work!
I know I know the word “Networking” can send some people into frenzy quicker than Oprah could if she were to give away a house to everyone in her audience. You can relax in knowing that several people in this world feel just as nervous when walking into a room full of strangers but the last thing you want is to leave them with the impression that they have just been “worked”. So with that said, below are some tips to help you relax, make a good impression and to remember...
Year-end Planning: Careful Handling of Capital Gains
and Losses Can Save Taxes
The market has performed well since its 2009 low. Bond prices also have soared in the past year due to decline in interest rates. Consequently, many have large gains in stocks, bonds, mutual fund shares and other investments. These taxpayers should consider whether they should sell appreciated assets this year to make use of available losses and/or to lock in this year's maximum long-capital gain rate, which may be lower than next year's rate.
Using available losses.
...
IRA Charitable Rollover Update
On December 17, 2010, President Obama signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 which includes a retroactive extension of the IRA Charitable Rollover for 2010 as well as an extension of the provision in 2011.
If you own an IRA and are age 70½ or older you may transfer up to $100,000 each year. A 2010 transfer qualifies for the required minimum distribution. And, because it is so late in the year, a potential...
Year-End Planning:
How To Reduce 2010 Adjusted Gross Income (AGI)
Last time, we discussed who should consider reducing AGI for 2010. So just how do you do that? This article presents some of the ways of lowering 2010 AGI for year-end planning purposes.
Not all steps listed below will be available or desirable for everyone, but many whose income without any planning would be in the range of a threshold may be able to use one or more of the following strategies to keep AGI below the applicable level:
- Convert taxable interest to tax-exempt...