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2014 Estimated Tax – Should I Pay It?
2014 Estimated Tax – Sould I Pay It? Depends on what type taxpayer you are. Are you Wanting to pay in the absolute minimum such that next April you may owe a bunch but with no penalty? Or, are you wanting to pay in during the year such come next April 15th you are about even?…
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2013 Long Term Capital Gain Rates
LONG TERM CAPITAL GAINS (LTCG) First, take all of your income including Capital Gains…. Now, assume that figure is all ordinary income… after your itemized deductions and personal exemptions…. This is your theoretical taxable income. What tax bracket is that? Theoretical Ordinary Tax Rate Long Term Capital Gain Rate 10% or 15% 0% 25%, 28%,…
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2014 Net Investment Income
NET INVESTMENT TAX There is a 3.8% additional tax for investment income (ordinary dividends, interest, annuities from non-qualified plans, royalties, net rental income & capital gains) when the modified adjusted gross income is over $250,000 for married filing joint ($200,000 if single or head of household, $125,000 if married filing separate). That is the bottom…
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Primary Residence Sale after Death
The rules about investing in a home of greater or equal value within a certain period of time after the sale are long gone (1997). The current rules… if you lived in the home 2 our of the last 5 years from the date of sale, your GAIN can be up to $500,000 (married filing…
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Veterinary Cost Deductible?
YES for a service dog who helps the visually impaired and other people with physical disability. This includes the cost to purchase the service dog, training, dog food, grooming, etc. This is a MEDICAL EXPENSE. for 2014, this is done on Schedule A subject to the total medical being greater than 10% of Adjusted Gross Income (or 7.5% of AGI if…