Friday, Aug 26, 2016

 

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–> Most people are hostile to understand concerning the latest tendency in cycles in India. CBR 500 was the most awaited bicycle. It’s been presented inside our country on 2nd December 2012 in 3’s price,75,000/- Rupees. It’s some Honda sport motorcycles. Toyota is obviously known for its amazing and quickness, electricity looks. Honda cycles are among the popular two – wheeler companies in India. a Japanese native Honda in 1946 launched Chevy. Mogul N was the first bike produced by Toyota in 1949 and after this the marketplace is saturated in awesome newest Toyota cycles in India.

IRS publishes business vehicle deduction limits for 2014

The IRS has published depreciation limits for business vehicles first placed in service this year.

50% bonus depreciation is no longer allowed for business equipment purchases, including vehicles. Here’s a quick review of the adjustments for 2014.

For business cars first placed in service this year, the first-year depreciation limit is $3,160. After year one, the limits are $5,100 in year two, $3,050 in year three, and $1,875 in all following years.

The 2014 first-year depreciation limit for light trucks and vans is $3,460. Limits for year two are $5,500, in year three $3,350, and in each succeeding year $1,975.

For details relating to your 2014 business vehicle purchases, contact our office at 248-395-3388 for free consultation.

Business Tip

If your business is incorporated, it is often a good idea for you to personally own the business real estate and lease it to your corporation. There are a number of tax and non-tax concerns relating to real estate ownership. For the income tax considerations, see us before you acquire new business property or before you change the ownership of property you already have.

Savings bonds are tax-smart for college savings

Amid the evolving assortment of education tax breaks is a benefit that has survived with few changes over the years: the education savings bond program. When you qualify for this federal income tax exclusion, the interest you receive from bonds redeemed to pay for certain college expenses may be tax-free.

Are bonds you bought years ago eligible? It depends on when you bought them and how they’re titled. Eligible bonds include Series EE or Series I savings bonds you purchased after 1989, as long as you were at least 24 years old when they were issued. The age restriction rules out bonds you put in the names of your kids or grandkids, though the children can be named as beneficiaries.

Once you’re sure your bonds qualify for the exclusion, the next step is to find out if you meet the income limitation. In 2013, you can exclude all the interest income you receive from eligible savings bonds when you file a joint return and your modified adjusted gross income is less than $112,050 ($74,700 for singles). A partial exclusion is available until your income reaches $142,050 ($89,700 for singles), at which point the exclusion is no longer available.

Finally, the bonds must be redeemed in the same year you pay qualifying educational expenses for yourself, your spouse, or your dependent child. What expenses qualify? The definition includes tuition and fees that you pay out-of-pocket and for which you claim no other deduction or credit. You can also claim the exclusion when you use the bond proceeds to fund a 529 college savings plan or a Coverdell education savings account.

Savings bonds offer additional, less restrictive opportunities for education and tax planning. For instance, it may make sense to put the bonds in your child’s name and report the interest on an annual basis. Depending on your child’s income, the interest could remain tax-free. Alternatively, you may choose to defer recognizing interest on bonds issued in your child’s name until the bonds are redeemed.

Please call us 248-395-3388 to discuss these strategies and others that can help ease the burden of college costs.

 

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