Home-Sale Exclusion: Take the Easy
Way Out
Arguably, the biggest tax break on the books is the home-sale exclusion.
What’s more, the IRS may grant you a little leeway if you do not measure up
under the strict letter of the law.
Read more...
Ins and Outs of Vacation Home
Rentals
Do you own a vacation home in a resort area? If you do, it can be more than
just a place to get away from the daily grind. The home may also be a
source of valuable income tax deductions.
Read more...
Reducing the Tax Bill on Capital Gains
Do you own stocks or other securities? When you sell securities, you must
report the resulting capital gain or loss on your personal tax return. Don’t
capital gains and losses simply cancel each other out? Actually, it’s more
complicated than that.
Read more...
Tax Breaks with a View: Conservation
Easements
If you own property in the woods or the mountains, you may be in line for a
unique tax break: You can claim a tax deduction for agreeing to preserve the
land in its current state. Best of all, the deduction limit for these
“conservation easements” has increased in 2007 due to a recent tax law
change.
Read more..
Roth IRAs for the Younger Generation
How can you teach your children or grandchildren to save for the future?
It’s difficult, especially when their retirement is such a long way off. One
idea: Inform them about the benefits of a Roth IRA. In fact, you can have
them set up a Roth IRA just as soon as they earn their first full-time
wages.
Read more...
The Need to Value Noncompetition
Agreements
If you are planning to buy or sell a business, you are undoubtedly aware
that numerous components must be figured into the equation. One of the most
important aspects is the valuation of various assets owned by the selling
company. Naturally, it is generally easier to establish the value of
tangible assets, such as equipment and inventory, than it is to value
intangible assets.
Read more...
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Wherewithal is provided by Somerset for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review.
For additional information on the issues, please contact a member of the firm. Somerset provides total financial solutions, including accounting, assurance, information solutions, litigation & valuation, tax, wealth management and management consulting to entrepreneurs and their businesses. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
Somerset CPAs, P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.somersetcpas.com
MAS 90/MAS 200
Users Group Meeting
Tuesday, September 18
11:30 a.m. to 11:45 a.m. – Registration/Lunch
11:45 a.m. to 1:00 p.m. - Meeting
Click here to register.
Financial Seminars for Women
We are pleased to invite you to our series of complimentary seminars for
women by women. You are welcome to extend this invitation to your
friends, family and business associates.
Click here for
more details on our Financial Seminars for Women Series.
Join us for the next
Practical MBA Session on September 26, 2007. The topic will be
Customer Lifetime Value &
Testimonials and Referrals,
presented by
Larry Dykes.
Click here for more details and to register.