Posted on Jun 5, 2012
All of the following are under 140 characters for tweets:
* Gift $13,000 in 2012 to as many people as you like. No gift return and no gift tax. Unlimited tax-free gifts to your spouse.
* If you sell stock at a loss, be careful about repurchasing the same stock. Wash sale rules could eliminate your loss.
* If you plan to sell business or investment property, consider a tax-deferred exchange and pay no tax. Lots of rules; call us.
* Is this your first year as a self-employed? You are most likely required to make quarterly tax estimates to avoid penalties.
* June 15 is the due date for individuals and corporations to make the second estimated tax payment for 2012.