Browsing Tag income tax
INHERITANCE TAX – MOST MISUNDERSTOOD!
By Tom Martino at August 23, 2017 | 9:39 am | 0 Comment
I find that inheritance tax or estate taxes are the most misunderstood concepts in the U.S. It is really very simple: Right now, all of us get to give away at death or during our lifetime a total of $5.5M without anyone paying any taxes on it. That's right $5.5M. So what about this $14K limit I heard about. Here's how that works: Notice I said you could give away up to more...
TAX SAVINGS – USE “SECTION 179”
By Tom Martino at October 30, 2014 | 11:38 am | 80 Comments
The IRS has a section of the code that allows you to take a deduction for the purchase of business equipment, all in one year, instead of spreading it out over many years in "depreciation". As the name implies, the section of the IRS code is #179. more...
TAX DEDUCTIONS & CREDITS: KNOWING THE DIFFERENCE
By Tom Martino at October 30, 2014 | 10:49 am | 47 Comments
This may seem obvious to some but there is much confusion over the difference between a tax "deduction" and a tax "credit". A tax deduction gets subtracted from your taxable income, which in turn lowers your taxable income, which lowers your taxes. more...