Tax relief for the self-employed taxpayer

Article Abstract:

Reducing adjusted gross income and resultant income and self-employment taxes is possible for self-employed persons through business deductions and deductions for contributions to retirement plans. The Taxpayer Relief Act of 1997 has contributed to tax planning possibilities. Deductions to consider include those related to home offices, medical savings accounts, and health insurance premiums. Keogh, IRAs, Simplified Employee Pension plans are among the retirement plans usable. Depreciation, estimated tax, and deduction limitations should also be considered.

Taxation, Small business, Tax reform, Self-employed persons, Self employed persons

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Itemized deduction and exemption limits

Article Abstract:

The income levels at which personal exemptions begin to be phased out for 1994 will be $111,800 for single filers, $167,700 for married couples filing jointly and $139,750 for heads of households, and the full benefit of itemizing will begin phasing out above $111,800 for 1994. Personal exemptions are $2,450 for each taxpayer and the taxpayer's dependents in 1994. Taxpayers with incomes in excess of $111,800 will have all itemized deductions reduced by certain percentages except casualty losses, wagering losses, investment interest and medical expenses.

Tax exemption, Tax exemptions

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A changing environment in the substantiation and valuation of charitable contributions

Article Abstract:

The increased documentation required for charitable contribution deductions dictates that tax and accounting professionals be aware of the standards to be applied to fair market valuations in all contexts. Heightened compliance requirements enacted in 1993 for charitable contributions demand that contributions above certain amounts be properly documented. For contributions of property valued at $5,000 or more, a qualified appraisal is required. Tax professionals should be aware of industry and accounting standards for appraisers.

Valuation, Charitable contributions, Charitable donations

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