Obamacare’s Tax Hike Train Wreck – Handy summary of some of the new taxes we are going to have to deal with, from Americans for Tax Reform.
Archive for May 1st, 2013
A sickening batch of new taxes…
Posted by taxguru on May 1, 2013
Posted in ObamaCare, TaxHikes | Comments Off on A sickening batch of new taxes…
Posted by taxguru on May 1, 2013
From Jay Leno:
President Obama held a press conference today. He said he still wants to close the Guantanamo Bay prison facility, but he doesn’t know how to do it. He should do what he always does. Declare it a small business and tax it out of existence.
From Argus Hamilton:
The GAO issued a report Monday saying President Obama spent twice as much time playing golf and vacationing as he did attending meetings on the economy. There’s been some improvement. The economy is stalled but the president is regularly breaking eighty.
The Federal Reserve Bank in Washington D.C. introduced the new one-hundred-dollar bill Thursday complete with Ben Franklin’s portrait on it plus dozens of new security features. It was time to bring out a new one-hundred-dollar bill. China’s got all the old ones.
California lawmakers will vote on a penny-an-ounce tax on sodas and energy drinks to combat obesity. It’s egalitarian. They said one-fourth of California’s poor adults are obese and the money would provide them cocaine to stay slim the way rich Californians do.
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Tax Free Residence Sales
Posted by taxguru on May 1, 2013
Q:
Hi,
Reading up on Sale of Principal Residence tax matters. Do you folks have any insight as to if the $250/$500K exclusion is likely to continue on through 2013?
I have a couple of houses and am seriously thinking of selling the principal residence due to the favorable tax treatment.
Thanks
A:
Even with all of the discussion of different kinds of tax increases, I have seen no mention of eliminating the tax free residence provision, so I would bet that it will be with us for all of 2013.
The more difficult task for you will be to find someone who wants to buy your residence in spite of the looming bankruptcy of the State.
Good luck.
Kerry Kerstetter
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Sec 179 for Equipment Leasing
Posted by taxguru on May 1, 2013
Q:
Hi Kerry.I am very impressed by your site and the knowledge presented. I have a question about 179 deduction:My company is in the process of purchasing used equipment (frozen yogurt machines) to lease to frozen yogurt shops in the area and put in production this calendar year. Most of the references on the site are for businesses that are purchasing it for their specific business. Do I get the benefits of $139,000 deduction even though the equipment won’t be used specially for my business?Thanks!
A:
Machinery that is leased to another user can possibly be claimed under Section 179 because, while the renter will be using it to prepare the frozen yogurt, your company will be in the business of leasing it.
You didn’t say whether your business is incorporated or not. This is important because an unincorporated business may only claim the Section 179 deduction if:
1. the term of the lease (including options to renew) is less than 50% of the equipment’s class life
and
2. For the first 12 months after the property is transferred to the lessee, the total business deductions on the property exceed 15% of the property’s rental income.I hope this helps.
Kerry Kerstetter
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Tax Guru - Ker$tetter Letter 