Posts Tagged "interest"

2nd quarter interest rates increase

Posted on Apr 9, 2018

Overpayments will increase for the second quarter of 2018 (April 1 through June 30). Here are the new rates: For individuals: 5 percent charged on underpayments 5 percent paid on overpayments For corporations: 5 percent charged on underpayments 4 percent paid on overpayments 7 percent charged on large corporate underpayments 2.5 percent paid on the portion of a corporate overpayment exceeding $10,000 Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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First-quarter interest rates remain the same

Posted on Jan 22, 2018

Interest rates for the first quarter in 2018 have not changed since last quarter. Those rates include: 4 percent for overpayments (3 percent for corporations), 1.5 percent for the portion of a corporate overpayment over $10,000, 4 percent for underpayments and 6 percent for large corporation underpayments. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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Consider installment sales for real estate

Posted on Dec 11, 2017

With an installment sale, you may be able to lower your total tax on the sale of the property by spreading the income over several years. In addition, the buyer will typically pay a rate of interest to you on the remainder of the amount due that is higher than a typical bank loan. There are a few tax hiccups that could affect your sale, however. If you sell property to a related party and the property is then disposed of within two years, in most cases all the remaining tax comes due immediately. Give us a call for help avoiding tax traps during your real estate sale. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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Tax benefits that make homeowners happy

Posted on Sep 15, 2017

Owning a home isn’t for everyone, but there are some great tax benefits for people who do. Building equity is a popular reason why renters decide to become homeowners. Paying a mortgage allows you to build up equity in property that you can realize when you sell. And when you do sell, profits you make from the sale are tax-free up to certain limits. Homeowners may also be able to deduct the cost of mortgage interest and property taxes as itemized deductions. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and...

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The AMT: Will this tax apply to you?

Posted on Feb 7, 2014

What’s your alternative minimum tax (AMT) preference? Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called “adjustments,” are added to or subtracted from the income shown on your tax return to arrive at your AMT taxable income. For example, certain bond interest that you exclude from your regular taxable income must be included when computing income for the AMT. This is a “preference item” because tax-exempt interest gets preferential treatment under ordinary federal income tax rules. Adjustments include personal exemptions and your standard deduction. In the AMT calculation, these taxable-income reducers are not deductible. Instead, they’re replaced with one flat exemption, which is generally the amount of income you can exclude from the AMT. Note: For your 2013 tax return, the AMT exemption is $80,800 when you’re married filing a joint return or are a surviving spouse, $51,900 when you file as single, and $40,400 if you’re married and file separately. The exemption decreases once your income reaches a certain level. What if you itemize? Some itemized deductions are allowed, such as charitable contributions. Others, including medical expenses and mortgage interest, are computed using less favorable rules. Whatever AMT preference – or adjustment – applies to you, we’re here to help calculate the best tax outcome. Please contact us for details or assistance. Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in the McLean and Tysons Corner, VA. Gilliland & Associates specializes known for our superior knowledge and aggressive interpretation and application of tax laws, we help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+ <https://plus.google.com/108764776146415485651/posts> , LinkedIn <http://www.linkedin.com/in/gillilandcpa> , Facebook <https://www.facebook.com/gillilandcpa> , and Twitter...

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