As summertime approaches, tax planning is probably the last thing on your mind. The problem is that if you wait until December, there’s little time for changes to take effect. But if you take the time to plan now, you still have six months for your actions to make a difference on your 2013 tax return. Making time for 2013 tax planning now not only helps reduce your taxes, but also helps to put you in

Just exactly what is a bank line of credit and who should be using one? A bank line of credit is not a great deal different from a credit card. You make draws against your line of credit from time to time as you need cash. You pay interest only on the amount of the loan balance outstanding. You are expected to make payments and occasionally bring your outstanding balance to zero. Let’s look at an

The IRS has published depreciation limits for business vehicles first placed in service this year. The limits for passenger autos remain the same as the 2012 limits, but limits for light trucks and vans have some changes. Because 50% bonus depreciation is allowed only for new vehicles, the limits are different for new and used vehicles. Here’s a quick review. For new business cars first placed in service this year, the first-year depreciation limit is $11,160;

Crooks wanting to steal your identity are using bogus e-mails and websites designed to look like genuine IRS communications. You might expect the April 15 filing deadline to mark the end of these scams, but they, in fact, are expected to continue for months. An example of these bogus e-mails: You receive a message confirming IRS receipt of your tax return, but the IRS needs more information to process your return. The e-mail looks official and

If you have a sizable refund of your 2012 taxes, it may be time for you to check your withholding. After all, when you overpay your taxes, you’re making an interest-free loan to the government. Reducing your withholding is as simple as filing a new Form W-4 with your employer. The form comes with a worksheet to figure out how many allowances you should claim. Don’t forget to allow for other taxable income besides wages, such

June 17, 2013, is the due date for making your second installment of 2013 individual estimated tax. Your check to the United States Treasury should be accompanied by Form 1040-ES. June 17 is also the due date for calendar-year corporations to make their second quarter 2013 estimated tax payment.