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Your Tax Teacher Podcast2In Episode 42, I discuss tax planning as we begin moving into the final qtr for the main tax topic.

Tax Planning are items that you can control, these include:

Individuals:

Capital Gains/Losses

Individual Retirement Accounts

Gifts (Federal)

Charitable Giving

Businesses:

Bonus depreciation (Set to expire on December 31, 2013) on 3, 5, and 7 year property.

Dividends and Constructive Dividends

For the Federal Update, I discuss tax cases and summaries in the news:

Famers can do like-kind exchanges with farm animals sold due to a drought to purchase machinery.

Booster clubs can lose their tax exempt Status for impermissible private benefits.

Medical marijuana co-ops aren’t be tax exempt organizations because under Federal law marijuana use and distribution is illegal.  In addition, businesses can’t deduct business expenses for growing medical marijuana.

Pharmacy photo centers can use Section 199 domestic production deduction for photo processing.  This doesn’t extend to CD’s, videos, and digital photographs.

A musician was able to deduct his business expense even through his primary occupation was a computer programmer.  The tax court ruled that his music business was substantial enough to not be considered a hobby.

A couple was able to able to deduct their motor home loan payments as a second mortgage.    They went on the road during the winter months to warmer climates and spent at least 14 days living in the motor home.  They ran their consulting businesses from their motor home.

A religious objection to the Federal Government use of Federal funds to fund the military does not get you out of paying your taxes.

A couple living apart because of work can not file Head of Household since the couple was not divorced or separated.

Have a tax question or need tax assistance, send your question or contact information to feedback@yourtaxteacher.com.

http://www.yourtaxteacher.com

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