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Category Archive for the ‘Nowack News & Updates’ Category

IRS Announces Mileage for 2011

Friday, December 3rd, 2010in Nowack News & Updates, by / 0 Comments

WASHINGTON — The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: * [...]

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When is it a good time to raise taxes?

Thursday, December 2nd, 2010in Nowack News & Updates, by / 0 Comments

As Congress meets this week to discuss what to do with taxes, I find myself a little puzzled.  We have now a $14 trillion dollar debt.  Our average tax receipts are only about $2 trillion. That would mean if we spent nothing on the federal government for its operations, defense, medicare / social security — [...]

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Converting traditional IRA-to Roth IRA

Thursday, December 2nd, 2010in Nowack News & Updates, by / 0 Comments

This year is the first in which taxpayers may convert funds in regular IRAs (as well as qualified plan funds) to Roth IRAs regardless of their income level. What’s more, taxpayers have the choice of paying the tax on the conversion when they file their 2010 returns, or deferring the tax hit on the conversion [...]

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Be wary when you financial advisor says carryover loss…

Thursday, December 2nd, 2010in Nowack News & Updates, by / 0 Comments

Each year, I’ll sit down with clients to talk about their tax matters, a conversation I so much enjoy.  Every now and then, I’ll hear them tout the benefits of carryover losses.  What is a carryover loss?  When you incur a capital loss (i.e. sold some stock at a loss), you can deduct up to [...]

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Time to Plan!

Thursday, December 2nd, 2010in Business Advisory, Nowack News & Updates, Tax Returns, by / 0 Comments

How much money do you want to make in December?  Write that number down.  How much money are you making now?  Write that number down too.  Now, how do you plan on getting from where you’re at to where you want to be?  Growing your income isn’t about something that magically happens.  It happens through [...]

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Election Day has come and gone…now what?

Thursday, December 2nd, 2010in Nowack News & Updates, by / 0 Comments

Frankly, we still don’t know what’s going on with next year’s tax situation.  Based on what I’m reading, the most likely situation is that the Bush-era cuts will be extended for another year or two.  So, to that end, I wouldn’t be trying to pull additional income into this year.  I wouldn’t trade equities or [...]

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Welcome to Nowack

Monday, November 8th, 2010in Nowack News & Updates, by / 0 Comments

In today’s business climate you’re working harder than ever!  This means you’re spending less time looking at how you did, where you’re at or where you’re going.  Leverage Nowack’s business advisory and tax services to move you and your business forward.  We help you keep you on track by maintaining your books, reviewing your position [...]

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