Don't want to pay $10 a month for Apple Music? Apple will cut you a deal
Don't want to pay $10 a month for Apple Music? Apple will cut you a deal - CNET
CloseApple Music gets a boost before iPhone 7 launchDrag
Apple is offering a $99 gift card for a 12-month subscription to its streaming music service, Apple Music.
At $10-a month for an individual Apple Music subscription, the gift card brings that cost down to $8.25 per month, essentially giving you two free months of streaming music. You can purchase the gift card in Apple stores or online at Best Buy, Walmart or eBay. It's notably absent from Apple's online store.
The deal arrives in time for the expected announcement of Apple's new iPhone 7 https://www.c-span.org/video/?c4578718/wayne-lippman-tax-tips-reduce-taxes-2016 on Wednesday and possibly some new headphones. Apple is also expected to unveil a revamped Apple Music app in iOS 10.
To keep up with all news and big announcements from Apple's event follow CNET's live blog.
http://www.cnet.com/news/dont-want-to-pay-10-a-month-for-apple-music-apple-will-cut-you-a-deal/
CloseApple Music gets a boost before iPhone 7 launchDrag
Apple is offering a $99 gift card for a 12-month subscription to its streaming music service, Apple Music.
At $10-a month for an individual Apple Music subscription, the gift card brings that cost down to $8.25 per month, essentially giving you two free months of streaming music. You can purchase the gift card in Apple stores or online at Best Buy, Walmart or eBay. It's notably absent from Apple's online store.
The deal arrives in time for the expected announcement of Apple's new iPhone 7 https://www.c-span.org/video/?c4578718/wayne-lippman-tax-tips-reduce-taxes-2016 on Wednesday and possibly some new headphones. Apple is also expected to unveil a revamped Apple Music app in iOS 10.
To keep up with all news and big announcements from Apple's event follow CNET's live blog.
http://www.cnet.com/news/dont-want-to-pay-10-a-month-for-apple-music-apple-will-cut-you-a-deal/
Determining Tax Basis on Your Commercial Real Estate
Properly determining the "basis" on your commercial real estate asset is critical. It is particularly important when you are looking to determine depreciation deductions (other than for the land itself) and whether you will incur a profit or loss when you decide to sell. If not calculated properly, on a continuing basis, it could result in significantly higher capital gains taxes if you sell it at a profit, whether by traditional sale or "forced sale" (i.e., foreclosure, short sale or deed in lieu of foreclosure).
Calculating Your Basis at Time of Acquisition
The basis of your property, also called "tax basis" or "cost basis," is usually the cost or investment in your real property when acquired. (See IRC � 1012) In calculating your basis, the purchase price of your asset, which includes your down payment and amount of your mortgage, is added to the closing or settlement costs incurred with the purchase of your asset. Closing or settlement costs include title search and recordation fees, legal fees, title insurance, sales, excise and transfer taxes, abstract fees and any other agreed upon fees between buyer and seller (e.g., payment of back taxes). Be sure to exclude loan closing costs, property insurance, casualty insurance premiums, occupancy-related services or utilities prior to closing and refinance mortgage fees. (See IRS Publication 551).
Adjustments to Original Basis During Property Ownership
The basis of your real estate asset can increase or decrease due to various changes in its useful life. Thus, the "adjusted basis" of a property is its original cost basis after certain tax-allowed adjustments. (See IRC � 1016) These adjustments include costs for capital improvements (e.g., repaving a parking lot) that increase basis while depreciation deductions decrease the basis of a real estate asset. Your commercial building can be depreciated over a 39-year recovery period by allocating the basis between the actual land and the building, and then by dividing the building's basis by 39. (See IRS Publication 946).
Effect of Selling Your Real Estate Asset: Capital Gains and Recapture Taxes
The result of the above adjustments gives you your adjusted cost basis in your real estate. This is important because pursuant to IRC �1001(a), gain is computed from the sale or disposition of property by determining the amount realized minus the adjusted basis. In the case of foreclosure (deemed for income tax purposes as a property sale) on a nonrecourse loan, the owner recognizes gain or loss equivalent to the difference between the tax basis of the property transferred and the amount of the discharged debt (or fair market value if higher). Why is adjusting your basis so important then? Because the lower the adjusted basis on your real estate, the more capital gains tax you will have to pay when you sell, (or are foreclosed on) making it crucial to determine it accurately. Depending on your annual income, the current capital gains tax is either 15 or 20%.
According to Jack Rose, Chief Strategist at Breakwater Equity Partners, "Even more important to be aware of and plan for is the application of recapture taxes in the event of a sale." "If your building is sold for more than its depreciated value (the adjusted basis less all depreciation claimed during ownership), you will additionally have to pay depreciation recapture tax at a 25% maximum rate, on the difference between the building's depreciated value and its adjusted basis." (See IRC �� 1(h)(1)(E); 1250). One should be very mindful of these types of tax ramifications and should always consult a seasoned professional to help guide your decision-making. There are other alternatives out there to avoid this huge double tax hit if you contemplate selling or face a forced sale of your commercial property.
Computing Basis and 1031 Exchanges
If you bought your real estate asset through a section 1031 tax-deferred exchange, you were allowed to defer capital gains taxes due to the exchange of your property for a like-kind or similar real estate property (e.g., an office building for a shopping mall). In this case, the basis for your old property is carried forward to the new property, subject to some time limits or the benefit will be lost. Computing the basis in a 1031 exchange can get fairly complicated and must be carefully and continuously calculated, especially when looking to sell. For example, if the original property you sold has an adjusted cost basis of $350,000 and you sold that property for $1,000,000, then $350,000 would be carried forward. If you then bought a similar property for $1,500,000, your new basis would be $850,000 (i.e., $500,000 of new money or debt plus $350,000 carried forward). This increase in value between the two properties is often referred to as "the boot." Take note, however, that calculating one's cost basis is only the first step, albeit an extremely important one, in determining ones ultimate tax ramifications, especially when calculating profit (or loss) through multiple 1031 exchanges.
In deciding whether to sell or dispose of your commercial real estate, it is Wayne Lippman Accountant important to properly calculate your cost basis so that you may logically weigh all of your options. Consulting with a reputable real estate advisory firm is always the first step in addressing all of your concerns, especially when faced with tremendous potential tax liabilities.
*Warning: This information is not intended to constitute legal, financial, or tax advice and should not be used in lieu of any professional's advice.
http://www.huffingtonpost.com/phil-jemmett/determining-tax-basis-on-_b_4262861.html
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Self-employed? Keep these tax tips in mind
iStockphoto
By Stephanie Faris/GOBankingRates
The number of self-employed workers in the U.S. declined during the recession, according to a report from CareerBuilder and Economic Modeling Specialists Intl., but experts expect that number to take an upswing. CareerBuilder North America President Brent Rasmussen told Forbes in 2014, "As the economy gains momentum, however, we expect entrepreneurial activity and other opportunities for independent work to rebound across the board."
A full-time job can offer security, but there are many benefits that come with being self-employed. Self-employed workers can create their own hours, be their own bosses and possibly make more money. However, one of the hardest things about self-employment comes during tax season. These workers must not only Wayne Lippman CPA report all income annually, but they might even need to file quarterly. The process of filing taxes on self-employment income can become complicated, so it's important for self-employed taxpayers to understand the IRS's requirements.
http://www.cbsnews.com/media/self-employed-keep-these-tax-tips-in-mind/
Do You Really Know What You're Up Against?
By J. J. Childers, Trump University, The Official Guides to Real Estate
Eye-opening financial wisdom from Trump University Asset Protection 101, the latest book from Trump University
Many of us spend more on taxes each year than on food, clothing, and shelter combined. Yet, amazingly, we really don't know much about taxes.
If you've received a paycheck, you know that your employer holds taxes out of your pay. But my guess is that you don't know exactly what types of taxes are held out and at what rates. The amounts are huge, but most of us continue to focus only on our "net" income. I've often said that if we wanted true tax reform in America, we would do away with employer withholdings and make every taxpayer actually write a check to Uncle Sam for what normally comes out of his or her check. Try signing that check every week and now see how excited you are to reduce your tax bill.
What You Are Up Against
If you analyze the taxes that come out of your check, you will generally see four types of withholdings:
1. Federal income tax.
2. Social Security.
3. Medicare.
4. State income tax.
In some states, there are additional taxes that are withheld, but for the purposes of this article, we will focus on these four.
Federal income taxes are withheld based on how you fill out the W-4 form you receive from your employer. Current federal individual tax rates range from zero percent all the way up to 35 percent. The factors that determine your personal tax rate are your marital status, number of dependents, and itemized deductions including mortgage interest, state and local taxes, and charitable contributions.
Social Security tax is currently held out of your paycheck at the rate of 6.2 percent on your first $97,500 in wages. So for the majority of taxpayers, the full amount (6.2 percent) of Social Security tax is withheld. Your employer has the obligation to match this amount dollar for dollar.
You pay 6.2 percent. Your employer pays 6.2 percent. Combined, that is 12.4 percent. If you happen to own your own business, you are both the employee and the employer. Therefore, you must pay 12.4 percent in Social Security tax before you pay a dime in income tax.
Medicare tax is currently held out of your paycheck at the rate of 1.45 percent. Unlike Social Security tax, Medicare tax is not capped at a certain earnings threshold. Every dollar you earn is subject to Medicare tax. Your employer is required to match these taxes as well. Therefore, self-employed individuals must pay 2.9 percent of Medicare tax on their entire earnings. Once again, this is before paying the first dime in income tax.
The combination of Social Security and Medicare tax, or Federal Insurance Contributions Act (FICA), is 7.65 percent for the individual and 7.65 percent for the employer. Combined, that equates to a tax of 15.3 percent for self-employed individuals. This is referred to as the self-employment tax.
Many of you reading Inside Trump Tower today are looking for new ways to bring in income and build wealth. Often, you will begin that process while maintaining your full-time job in order to keep your personal cash flow intact until such a time as your new business can support your lifestyle.
Let's assume for the moment that you are in the 25 percent tax bracket (where most working Americans end up) and that you have started your own business to supplement your employment. Your self-employed earnings will start being taxed at a federal rate of 25 percent because that is where your other earnings and deductions have left you. Add to that the 15.3 percent self-employment tax on your business earnings and you are now paying 40.3 percent. Depending on what state you live in, you may have additional income tax to pay.
You see, it doesn't take long at all before taxes are climbing close to 50 percent of your income. The worst part about it is that you are really not making a lot of money if you are in the 25 percent federal income tax bracket.
Of course, simply gaining a working knowledge of taxes withheld from your paycheck will not solve your problem.
You have to learn what you need to know so that you can take action to reduce your taxes. I have opened your eyes to the problem in this article. Now I'd urge you to take the next step, by ordering my new book, Trump University Asset Protection 101.
It has already helped thousands of readers slash their taxes and keep more of their hard-earned dollars. Couldn't you use that level of help too?
J. J. Childers is an attorney dealing primarily with the topics of asset protection, estate planning, and tax reduction. He travels the country extensively working with individuals and companies to help them with their small business wealth http://artandrevolution.net/six-very-simple-things-you-can-do-to-save-wayne-lippman/ structuring. He is author of the new book Trump University Asset Protection 101.
http://www.selfgrowth.com/print/590182
Eye-opening financial wisdom from Trump University Asset Protection 101, the latest book from Trump University
Many of us spend more on taxes each year than on food, clothing, and shelter combined. Yet, amazingly, we really don't know much about taxes.
If you've received a paycheck, you know that your employer holds taxes out of your pay. But my guess is that you don't know exactly what types of taxes are held out and at what rates. The amounts are huge, but most of us continue to focus only on our "net" income. I've often said that if we wanted true tax reform in America, we would do away with employer withholdings and make every taxpayer actually write a check to Uncle Sam for what normally comes out of his or her check. Try signing that check every week and now see how excited you are to reduce your tax bill.
What You Are Up Against
If you analyze the taxes that come out of your check, you will generally see four types of withholdings:
1. Federal income tax.
2. Social Security.
3. Medicare.
4. State income tax.
In some states, there are additional taxes that are withheld, but for the purposes of this article, we will focus on these four.
Federal income taxes are withheld based on how you fill out the W-4 form you receive from your employer. Current federal individual tax rates range from zero percent all the way up to 35 percent. The factors that determine your personal tax rate are your marital status, number of dependents, and itemized deductions including mortgage interest, state and local taxes, and charitable contributions.
Social Security tax is currently held out of your paycheck at the rate of 6.2 percent on your first $97,500 in wages. So for the majority of taxpayers, the full amount (6.2 percent) of Social Security tax is withheld. Your employer has the obligation to match this amount dollar for dollar.
You pay 6.2 percent. Your employer pays 6.2 percent. Combined, that is 12.4 percent. If you happen to own your own business, you are both the employee and the employer. Therefore, you must pay 12.4 percent in Social Security tax before you pay a dime in income tax.
Medicare tax is currently held out of your paycheck at the rate of 1.45 percent. Unlike Social Security tax, Medicare tax is not capped at a certain earnings threshold. Every dollar you earn is subject to Medicare tax. Your employer is required to match these taxes as well. Therefore, self-employed individuals must pay 2.9 percent of Medicare tax on their entire earnings. Once again, this is before paying the first dime in income tax.
The combination of Social Security and Medicare tax, or Federal Insurance Contributions Act (FICA), is 7.65 percent for the individual and 7.65 percent for the employer. Combined, that equates to a tax of 15.3 percent for self-employed individuals. This is referred to as the self-employment tax.
Many of you reading Inside Trump Tower today are looking for new ways to bring in income and build wealth. Often, you will begin that process while maintaining your full-time job in order to keep your personal cash flow intact until such a time as your new business can support your lifestyle.
Let's assume for the moment that you are in the 25 percent tax bracket (where most working Americans end up) and that you have started your own business to supplement your employment. Your self-employed earnings will start being taxed at a federal rate of 25 percent because that is where your other earnings and deductions have left you. Add to that the 15.3 percent self-employment tax on your business earnings and you are now paying 40.3 percent. Depending on what state you live in, you may have additional income tax to pay.
You see, it doesn't take long at all before taxes are climbing close to 50 percent of your income. The worst part about it is that you are really not making a lot of money if you are in the 25 percent federal income tax bracket.
Of course, simply gaining a working knowledge of taxes withheld from your paycheck will not solve your problem.
You have to learn what you need to know so that you can take action to reduce your taxes. I have opened your eyes to the problem in this article. Now I'd urge you to take the next step, by ordering my new book, Trump University Asset Protection 101.
It has already helped thousands of readers slash their taxes and keep more of their hard-earned dollars. Couldn't you use that level of help too?
J. J. Childers is an attorney dealing primarily with the topics of asset protection, estate planning, and tax reduction. He travels the country extensively working with individuals and companies to help them with their small business wealth http://artandrevolution.net/six-very-simple-things-you-can-do-to-save-wayne-lippman/ structuring. He is author of the new book Trump University Asset Protection 101.
http://www.selfgrowth.com/print/590182
Hinsdale District 86 to abate $500,000 in taxes for bond repayment
The Hinsdale District 86 High School Board kept its promise not to collect taxes for repayment of the bonds the district issued last fall to create a new transition center and to pay down its liability to a pension fund for non-teachers
The board agreed Monday to abate $500,000 in taxes that would otherwise be used to pay the first installment of interest and a portion of the principal of the $4.8 million in general obligation bonds the board approved in November.
The district allocated $2.3 million of the bond proceeds to pay for a renovation and expansion of the building at 7302 Clarendon Hills Road in Darien, which will be used for continuing education and training programs for special education students after they graduate high school.
The remainder of the bonds will be used to reduce the district's liability to the Illinois Municipal Retirement Fund, a pension fund for the district's non-certified staff, which charges a penalty of 7.5 percent on the amount the fund determines the district is short its required contribution.
"It is very tempting to not support the abatement," board member Jennifer Planson said. "But we did say we would abate it."
District 86 not only was the issuer of the bonds, it was the purchaser as well, using money it had in reserves. Instead of paying interest on the bonds to outside investors, the district pays interest to itself, Chief Financial Officer William Eagan previously explained.
The School Board chose to issue bonds rather than simply pay for the renovation and the pension contribution with its cash reserves to avoid the budget showing a deficit, which is not regarded favorably by bond rating agencies, board President Kay Gallo said at the time.
Board members also said they would not collect additional taxes from residents to pay back a loan to itself.
Board member Edward Corcoran suggested the board commit to automatically abating the taxes that would be used to repay those bonds every year to fulfill the promise the board made to the taxpayers. But the majority of the board preferred to handle it as a year-by-year decision.
Corcoran also sought to have the board abate taxes the counties applied for loss and cost to the 2013 levy. That was the year the School Board approved a zero levy, intending not to collect more taxes than the previous year.
To offset taxes that property owners fail to pay or appeal, both DuPage and Cook counties automatically increase the levy taxing districts submit. So when the 2013 taxes were paid in 2014, District 86 received more property taxes it expected.
Corcoran calculates the amount over collected as $238,000 and suggested the board abate that amount this month too. But the majority of the board did not agree with that idea.
Planson and Gallo said they were on the School Board Wayne Lippman Hashtag Lunch Bag in 2013 and did not vote for the zero levy, so they do not support abating taxes from that levy.
Board member Ralph Beardsley, who was not on the board then, said, "I don't look at that as ill-gotten gains."
Board member Bill Carpenter, who was elected last year, said if the 2013 School Board wanted to waive the loss and cost factor being applied to the levy, it could have done so. Carpenter said it's not appropriate to give back taxes a previous board approved.
The School Board will officially vote on the abatements at its next meeting, March 21.
The board did not discuss abating taxes related to the loss and cost factor applied to the 2014 levy. Although the board approved a resolution in 2014 instructing both Cook and DuPage counties not to increase its levy to offset uncollected taxes, the DuPage County Clerk increased the district's levy by 1 percent, which is its usual loss and cost factor.
Darien resident Roger Kempa has repeatedly protested that that mistake was never corrected.
Eagan reports in March 2015 he had DuPage abate $500,000 in taxes from the levy, which was his estimate of how much the loss and cost inflated the levy. The DuPage County Clerk's office confirmed $500,000 was abated from the district's 2014 levy.
Eagan reported the taxes collected in Cook and DuPage counties from the 2014 levy was about $389,000 less than the $76.6 million levy the board approved in December 2014.
kfornek@pioneerlocal.com
Twitter: @kfdoings.
http://www.chicagotribune.com/suburbs/burr-ridge/news/ct-dhd-d86-2015-abatement-tl-0310-20160308-story.html
Business News & Financial News
BEIJING Cai Xiyou, president of Sinochem Group, the Chinese energy and chemicals conglomerates, has been put under investigation for serious discipline violations, China's main anti-corruption agency said on Saturday, using the usual euphemism for graft.
9:34am EST
NEW YORK/SAN FRANCISCO Dismal sales outlooks from marquee technology names sent shares in the enterprise sector crashing on Friday as investors questioned whether information-technology managers would keep spending on their products. |�Video
05 Feb 2016
TORONTO BlackBerry Ltd is cutting 200 jobs at its hometown headquarters in Ontario and in Florida in order to trim costs, it said on Friday, as the smartphone maker moves to turn around its fortunes and put more emphasis on its enterprise software business.
05 Feb 2016
NEW YORK Ray Dalio, founder of Bridgewater Associates LP, the world's largest Wayne Lippman Miami hedge fund, said on Friday that a Wall Street Journal story about a dispute with his heir apparent, Greg Jensen, was overblown.
New Jersey on Friday filed a lawsuit against Volkswagen AG and its luxury units over the German automaker's excess diesel emissions, becoming the fourth U.S. state to take legal action.
http://www.reuters.com/finance
9:34am EST
NEW YORK/SAN FRANCISCO Dismal sales outlooks from marquee technology names sent shares in the enterprise sector crashing on Friday as investors questioned whether information-technology managers would keep spending on their products. |�Video
05 Feb 2016
TORONTO BlackBerry Ltd is cutting 200 jobs at its hometown headquarters in Ontario and in Florida in order to trim costs, it said on Friday, as the smartphone maker moves to turn around its fortunes and put more emphasis on its enterprise software business.
05 Feb 2016
NEW YORK Ray Dalio, founder of Bridgewater Associates LP, the world's largest Wayne Lippman Miami hedge fund, said on Friday that a Wall Street Journal story about a dispute with his heir apparent, Greg Jensen, was overblown.
New Jersey on Friday filed a lawsuit against Volkswagen AG and its luxury units over the German automaker's excess diesel emissions, becoming the fourth U.S. state to take legal action.
http://www.reuters.com/finance
