Tax and Tax Planning

Capital Gains Rate Rising

The federal tax rate on long-term investment gains is currently 15 percent. Under current law it’s set to rise to 20 percent in 2011. How might this affect you? If you have an investment you plan to sell, and do so in 2010, you’ll pay a little less tax. For example, if you invested $300 and sell it for $500, your gain will be $200. Sell it in 2010 and your tax will be $30. Sell it in 2011 and your tax will be $40, a 25 percent increase.

Tax Tips for Business Owners

Though the tax-filing deadline is near, there’s no need to panic. You still have time to employ some smart strategies and avoid common problems and hassles. The tax experts at Grant Thornton provide the following suggestions and reminders.

2009 Tax Information

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This article was written by the experts at The Business Owner. If you are the owner of a private business, go to www.TheBusinessOwner.com or call us at (800) 634-0605 for more no-nonsense how-to information.

Smart Year-End Tax Moves For Business Owners

Your tax return won’t be due for months, but it’s important to review your income and deductions well before then. You need to act before the end of the year to affect your 2009 return, and now may be the perfect time to put some late-year planning techniques into play.

States Raising Tax Rates

In order to compensate for budget deficits, many states across America have raised various taxes. Most of the increases came in personal income rates and excise taxes on such items as tobacco, alcohol, gasoline, hotel room fee and airport fees. Ten states increased cigarette taxes, seven states hiked personal income tax rates, four states increased their sales tax rates and one state – Oregon – increased its corporate income tax rate.

It’s Time to Lower Your Property Taxes

In her recent article on Newsday.com titled "Real Estate Crisis May Lower Your Tax Property Bill," Aharoni urges readers not to trash their "Tentative Assessment Value" notice when they receive it in the mail from their county assessor. The statement provides important information on taxes, namely the value of your property as pegged by the county, which is what your tax bill is based on.

IRS Suggests Ways to Avoid Problems at Tax Time

For taxpayers looking to avoid the last-minute rush of preparing and filing tax returns, the Internal Revenue Service offers these tips:

IRS Announces 2009 Standard Mileage Rates

The Internal Revenue Service has issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: