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LookieNoNookie -> RE: Tax Newslettery Stuffs (1/10/2012 8:20:59 PM)
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quote:
ORIGINAL: LadyHibiscus
Getting ahead of the game here...
Starting MAY 1, I will be sending out a newsletter to my clients regarding issues of taxation and business. There's plenty of resources for same, but what kinds of things would you like to see on a one-page hit the highlights/keep you informed newsletter?
There will be a website, with linkage to the newsletters, and MAYBE an article a month, on whatever amuses me at the time. It's an election year, and my client base ranges from ultraliberal to literal bible reader.
Thankee!
Depends hon....corporate or personal?
Corporate:
New equipment depreciation schedules....1 to 1, 2 to 1? (Recapture if sold/penalties, if any). New charts showing the current or projected (to give me focus as to "now" or "later"....and why...explanatory for dumb shits).
Why a building has to be done at 37.50 years (regardless of construction date) but a tenant improvement can be done over 7+? (I know it's the way it is but....why?).
Mileage....who gets it, why and who deducts it (I know...but others probably don't....especially new businesses). Then help them explain to an employee who thinks a 55 cent deuction is actually worth 55 cents...and "why the fuck aren't you paying me 55 cents? The IRS does????? (Uhhhh....well....that'd be because the IRS gives you a DEDUCTION......not a direct credit")
Family loans. Minimum allowable interest paid (many family members are now "the bank" thanks to dumb ass banks who cut or eliminate small business's credit lines). Some family members (currently getting 0.008% on their savings account) are thrilled to get 5%....on the other hand, some don't WANT a lot of interest because it'll fuck up their SSI or worse...Medicare/Medicaid.
What's the least they can pay to Mom or Dad without upsetting Ogden? (My guess it's some reasonable spread between the 10 year treasury and the average of local bank interest...but it's probably the 10 year).
More than that.....(value added)....do you have a list of local lenders (anything between banks and hard money) that you can hand a client and say "some of these guys are sharks....others won't loan you money unless you give them your house, your car and your wife....but here's the list...and here's why you shouldn't use the sharks, and here's why the local banks won't touch you with a ten foot pole....so.....here's how to create a 14 foot pole".
Personal:
(Individual) Sales tax recovery. Is it possible in your state? If so, do you need receipts or can you average?
Mileage again. Can you take some amount off for travel to work if you don't itemize? What if you do?
Charitable....what is? Who determines value? Paperwork required? Signatures? What kind of validation is mandated?
Medical? It was 7% of gross income...I heard it was going to 10%. Has that occurred? If so....have they paid as much to their care givers....if not, can they close out their 2011 checking account with a check to their dentist (which they're going to spend in March anyway....so WTF......write a check now....eh?).
Do they rent out any portion of their home...if so, do they want to take the credit now or leave it fallow and not have to pay it later (I think, if I remember correctly, it's not an option).
Were any of their incomes from out of state? If so, does that affect their in state taxation.
What about inheritance? Can we keep Dad on life support until next January when there's a possibility of zero inheritance? I know it sounds a bit dark but....hey....Dad may want to live.....ya know? (And if he doesn't, and is on life support....wtf does he know?)
Could be worth 27% or better all things considered.
3 cents.
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