Breaking tax news for 2013!
IRS just announced the new (and higher) limits on 401(k) plans etc. Here’s a summary for use in 2013 tax planning. The inflation-adjustments for 2013 include: Gift Tax Exemption: $14,000 (up $1,000 from 2012) Contribution Limit for 401(k)/403(b)/457 Plans: $17,500 (up $500 from 2012) Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans: $5,500 (same as 2012)…
Read MoreA Tale of Two Tax Plans
With apologies to Charles Dickens, here’s an easy to understand graphic of how the upcoming tax plans measure up. Source: www.backtaxeshelp.com
Read MoreBack to School, Back to Practice: What You Need to Know About Your Insurance as a Volunteer Coach
As children return to school across the country, families know that can also mean a return to the practice field, whether through school sports teams or community sports programs and often parents may find themselves on the sidelines as a volunteer coach. It can be especially rewarding to teach children the skill sets of a…
Read MoreYour Cheating Chart (from the Journal of Accountancy)
To paraphrase the country western song, your cheating chart is going to tell on you! Fellow CPA Carlton Collins shows common ways that data presentation via charts can be unethically manipulated to change the reader’s conclusions Don’t be fooled by government (or other) data that sounds too good to be true. Learn to be discerning…
Read MoreHow to send us your documents – It’s safe and easy
[Editor’s Note]- We’ve changed the look of the client portals after the date of this post. The portals are now in a facebook-type look and feel and are much easier to navigate. We’ve replaced the old video with an updated one of your humble CPA’s demonstrating how to upload your data. After you send us…
Read MoreHow to avoid payroll taxes
Wouldn’t it be helpful with your company’s cash flow if you could just not remit the social security and medicare withholding taxes? We don’t recommend this as a strategy but, according to the US Inspector General, it’s working pretty well for some Federal agencies. These Federal agencies owe over 14 million of back payroll taxes…
Read MoreIRS begins a “Hiring Frenzy”
See the second video if you still believe it’s possible to administer the health care debacle. Here’s just how easy it is to calculate.
Read MoreThe Anti-Investment tax of 2013! We explain how and when it applies.
CPA gives 3 minute summary of the new Medicare tax
Read MoreDo corporations have to issue 1099s?
As with most tax questions it depends. Although (as a general rule) corporations are exempt from this requirement, there are some exceptions. See the list below and be sure to E-Mail us if questions. Reportable payments to corporations. The following payments made to corporations generally must be reported on Form 1099-MISC. Medical and health care payments…
Read MoreA tutorial for business owners on the new Medicare tax
An individual is liable for Additional Medicare Tax if the individual’s wages, other compensation, or self-employment income
(together with that of his or her spouse if filing a joint return) exceed the threshold amount for the individual’s filing status: