Restoring a Higher Tax Bracket

For several years, through 2012, Americans paid income tax at six rates, ranging from 10% to 35%. Now, a higher rate has been added: 39.6%, which was the highest income tax rate as recently as 2000. In 2013, the 39.6% rate is imposed on income over ❖ $400,000 for...

Breaks for Business Owners in the Fiscal Cliff Legislation

Several provisions of the American Taxpayer Relief Act of 2012  apply to businesses. For the most part, these provisions extend previous law, often through 2013, while some are retroactive to 2012. First-year equipment deductions Under Section 179 of the tax code,...

Basic Legal Aspects Fir New Business Owners

There is a wide series of legal aspects that small business owners need to familiarize themselves with when starting up their business. The lines below will help them know the basic legal aspects related to their future activities, including their trading status,...

Tax-Free Gains from Home Sales

The National Association of Realtors recently reported that the median sales price of an existing single family home was around $180,000 in late 2012. That’s down from the peak years of 2005–2007, when such prices were near $220,000 but still up from 2002, when the...