Tax Planning and Preparation Services

Tax Planning and Preparation Services

You’re never alone with ABA Tax Accounting! Taxes are a fact of personal and business life. The question you face is how will you minimize the impact of taxes? What kind of expertise do you need to help you achieve your goals? ABA Tax Accounting has answers to both questions, delivered by tax specialists who work proactively in a personal, one-on-one relationship. Whether you need to structure an international transaction, reorganize your business, transfer family property or defer tax on the sale of assets, ABA Tax Accounting provides a wide array of services that cover every aspect of your business and personal finances.
ABA Tax Accounting
Amare Berhie, Senior Tax Accountant
amare@abataxaccounting.com
Toll free 866-936-0430
http://www.abataxaccounting.com
http://www.facebook.com/abataxaccount

Advertisements

What are the capital gain rates?

What are the capital gain rates?
Below are types of property that when sold, qualifies for capital gain rates.

Collectibles – Collectibles include works of art, rugs, antiques, metal, gems, stamps, coins, and alcoholic beverages held for personal use. See §408(m)(3) for exceptions for certain coins and bullion.

Qualified Small Business Stock – 50% of gain from the sale of qualified small business stock held for more than 5 years is excluded from taxable income by noncorporate taxpayers. The portion of the gain that is not excluded is taxed at a maximum rate of 28%.

Note: For qualified small business stock acquired after February 17, 2009 and before September 28, 2010, the 50% gain exclusion is increased to 75%. For qualified small business stock acquired after September 27, 2010 and before January 1, 2011, the 50% gain exclusion is increased to 100%.

Unrecaptured §1250 Gain – Unrecaptured §1250 gain is the amount of long-term capital gain on the sale of real property due to depreciation not subject to §1250 recapture, i.e. the amount of depreciation not in excess of straight-line.

Other Capital Gain – Other capital gain means any long-term capital gain that is not collectibles gain, gain on small business stock, or unrecaptured §1250 gain. See attached table for a summary of capital gain rates.
For more information call or email
Amare Berhie, Senior Tax Accountant
ABA Tax Accounting
amare@abataxaccounting.com
Phone 612-424-1540
http://www.abataxaccounting.com

What are the key provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010?

What are the key provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Jobs Creation Act of 2010? The law contains several provisions affecting both individuals and businesses. For more information call or email
Amare Berhie, Senior Tax Accountant
ABA Tax Accounting
amare@abataxaccounting.com
Phone 612-424-1540
http://www.abataxaccounting.com

Three Tips for Employers Outsourcing Their Payroll

Three Tips for Employers Outsourcing Their Payroll
Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities. It is very important that employers who outsource payroll are aware of the following three tips:
1.Employer Responsibility The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Even though you forward the tax payments to the third party to make the tax deposits, you – the employer – are the responsible party.
2.Correspondence If there are any issues with an account, the IRS will send correspondence to the address of record. We strongly suggest you do not change the address of record to that of the payroll service provider. That could limit your ability to stay informed of tax matters involving your business.
3.EFTPS Choose a payroll service provider that uses the Electronic Federal Tax Payment System. You can register on the EFTPS system to get your own PIN to verify the payments.

For Free Consultation call or email
Amare Berhie, Senior Tax Accountant
ABA Tax Accounting
amare@abataxaccounting.com
Phone 612-424-1540
Toll free 866-936-0430
http://www.abataxaccounting.com

%d bloggers like this: