How to Spot New Stock Market Uptrends
From Investor’s Business Daily, see how to spot stock market uptrends.
Spotting Stock Market Uptrends
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Best and Worst 529 Plans: Morningstar
If you have a 529 Education Savings Plan, check this out:
Six Plans Standout, Seven Have Room for Improvement
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
When You’re 66: A Checklist on Social Security and Medicare
From Money Magazine, what you need to know about Social Security at age 66. Click on the link below to check it out.
When You’re 66: A Checklist on Social Security and Medicare
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Investing – How You Can Have More Losses Than Wins and Still Prosper
From Investor’s Business Daily, how you can have more losses than wins and still prosper when investing. Click on the link to check it out.
You Can Have More Losses Than Wins and Still Prosper
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Submit Extension Form 4868
If you haven’t filed your tax return by now, you should probably consider filing for an extension.
To file for an extension, you simply need to submit Form 4868. Submitting this form will give you until October 15th of that year to file your returns. However, an extension of the time to file is not an extension of the time to pay. If you think you will owe taxes, you must send a payment along with the extension. This applies for your federal and state tax returns.
Here is a link to Form 4868:
Form 4868
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
New Roth IRA Idea
Below is a great article from Investor’s Business Daily regarding IRAs, click on the link below to read it.
Roth IRA Tactic for the Affluent
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Good Communication is Key to Lowering Your Taxes
After over 30 years in the tax business, I continue to find that good communication with the CPA is the key to lowering taxes.
Solid bookkeeping for your business enables you to take the most deductions possible
while minimizing taxes.
Mid-year tax planning also helps plan and keep up with your current taxes, prevents unwanted surprises, and saves a lot of taxes for our clients each year.
We appreciate all of our clients and thank you for your business again this tax season as the tax season winds down.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
New $50,000 Business Deduction for N.C. Businesses in 2012
For tax years beginning on and after January 1, 2012, N.C. General Statute 105.134.6(b)(22) provides a deduction in calculating North Carolina taxable income equal to “An amount not to exceed fifty thousand dollars ($50,000) of net business income the taxpayer receives during the taxable year. In the case of a married couple filing a joint return where both spouses receive or incur net business income, the maximum dollar amounts apply separately to each spouse’s net business income not to exceed a total of one hundred thousand dollars ($100,000). For purposes of this subdivision, the term ‘business income’ does not include income that is considered passive income under the Code.”
1. What is “Business Income?” As we understand it, the NC Department of Revenue is currently considering “business income” to include Schedule C, Schedule F, and Schedule E income as long as the income is not “passive income.”
2. When is Business Income “Passive?” General Statute 105.134.6(b)(22) provides that the $50,000 deduction does not apply to income that is “considered passive income under the Code.” The NC Department of Revenue is currently considering an answer to this question.
I will keep you informed as the North Carolina Department of Revenue provides additional information concerning this important new deduction for 2012.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
No Tax and Money Tip This Week
There will not be a Tax and Money Tip this week. We are busily crunching tax returns and will continue next week with another Tax and Money Tip of the Week. We hope everyone is having a happy tax season.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
New Form and Rules for 2011
When you sell stocks, mutual funds or other capital assets you will still report the gains or losses on Form Schedule D when you prepare your 2011 tax return. But this year you must first show the sales activity on a new form—Form 8949 .
This new form is where you show: description of property, date acquired, date sold, sales price and cost basis. Of particular note, however, you must also check a box indicating if the long- term or short-term cost basis is (A) reported to the IRS on Form 1099-B, (B) cost basis is not reported on Form 1099-B, or (C) when you cannot check Box A or B (when proceeds are not reported on a Form 1099-B).
A separate Form 8949 should be completed, grouping all transactions by type (Box A, Box B or Box C) and also by short-term or long-term trades.
The summary information from Form 8949 then flows to the revised Form Schedule D.
This new form was created as a result of the new cost basis reporting requirements for brokers. The new Form 8949 will help the IRS better compare your reporting with the brokers, Form 1099-B statements. It also opens an easy audit target when you show asset sales where the cost basis is not reported on a Form 1099-B. Be prepared to substantiate cost basis calculations if you mark boxes B or C on Form 8949.
Check with your broker to determine if they have their basis. If not, take steps to determine the basis and update their records.
We will let you know about other tax law changes in the coming weeks.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
