Year-End Planning Techniques Can Maximize Tax Savings-2013

Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks that won't be around next year unless Congress acts to extend them, which, at the present time, looks doubtful. . .

Read More
Year-End Planning Techniques Can Maximize Tax Savings-2011

Year-End Planning Techniques Can Maximize Tax Savings-2011There are a number of great considerations to planning for taxes prior to the end of the year-

Read More
ROTH IRA Conversions-A Thought for 2010 and 2011

The buzz about Roth IRA conversions is getting louder. And why not? For the first time ever, higher-income taxpayers can convert their traditional IRAs into a Roth. Beginning in 2010, the prior restriction for taxpayers with an adjusted gross income (AGI) above $100,000 is eliminated. Also, you can split the tax bill for a 2010 Roth conversion evenly over 2011 and 2012. (You report 50% of the income in each of those years.)

Read More
Should you consider converting your Traditional IRA to a Roth IRA?

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 to the 2011 and 2012 tax years.

Read More
Year-End Planning Techniques Can Maximize Tax Savings-2010

One word sums up the current tax environment — uncertainty. It's an election year, so it's not surprising that those in Washington cannot agree on how to deal with the coming sunset of the 2001 tax law.

The main issue is. . .

Read More
Tax Credit Available for Small Business Employer Health Insurance

For tax years beginning after Dec. 31, 2009, there is a new tax credit for an eligible small employer for nonelective contributions to purchase health insurance for its employees. See below for charts on how much of a benefit your company may receive! 

Read More
Premium assistance tax credits for purchasing health insurance in the 2010 health reform legislation

The centerpiece of the recently enacted health care overhaul legislation is its provision of tax credits to low and middle income individuals and families for the purchase of health insurance. I'm writing to give you an overview of how the new tax credits will work.

Read More
Employer requirement to offer coverage in the 2010 health reform legislation

The recently enacted health overhaul legislation requires certain employers to offer and contribute to their workers' health insurance or pay a penalty. Under the new law, effective for months beginning after Dec. 31, 2013, a large employer that does not offer coverage for all its full-time employees, offers minimum essential coverage that is unaffordable, or offers minimum essential coverage that consists of a plan under which the plan's share of the total allowed cost of benefits is less than 60%, is required to pay a penalty if any full-time employee is certified to the employer as having purchased health insurance through a state exchange with respect to which a tax credit or cost-sharing reduction is allowed or paid to the employee.

Read More
Penalties on individuals for remaining uninsured in the 2010 health reform legislation

The recently enacted health care overhaul legislation contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty. I'm writing to give you an overview of the penalty provisions enforcing the individual mandate.

Read More
Higher Medicare taxes on high-income taxpayers in the 2010 health reform legislation

High-income taxpayers will be hit with two big tax hikes under the recently enacted health overhaul legislation: a tax increase on wages and a new levy on investments.

To help offset the cost of providing health insurance to millions of Americans, the new law imposes an additional 0.9% Medicare tax on wages above $200,000 for individuals and $250,000 for married couples filing jointly. In addition, for higher-income households, the new law adds a 3.8% tax on unearned income, including interest, dividends, capital gains and other investment income.

Read More
Tax changes affecting small business in the 2010 health reform legislation

For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business has. I'm writing to give you an overview of the provisions in the new law with the biggest impact on small business.

Read More
Tax and Benefits Provisions of the 2010 Health Care Act as Amended by the 2010 Health Care Reconciliation Act-Individuals

The following is a brief overview of the key tax changes affecting individuals in the recently enacted health reform legislation. Please call our offices for details of how the new changes may affect your specific situation.

Read More
Year end thoughts to save taxes!

As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However, employees have some special considerations to take into account that retirees and other nonworking individuals don't face.

Read More
Disaster Recovery-What You Need To Do Before Disaster Strikes!

It’s always very smart to have a standard practice to make sure that you protect one of your most valuable assets—your business!

Here’s a brief list of those areas that you’ll want to check in on and make sure you’re comfortable with, so if and when bad things happen, you’ll be able to breathe easier~

 

Read More
Making sure your website works for you!

Here’s ten thoughts that can help you keep your focus and keep your website where it needs to be. Whether or not your business caters to online customers or not, your website should not be “brochure ware”—rather it needs to be vibrant, tell your story, and show your customers and prospective customers how your Company can scratch their “itch” and make them come to you!

Read More
Employee or Independent Contractor?

Recognizing the difference and handling matters properly begins with defining the two categories of workers (employee or independent contractor). In determining whether a worker is an employee or an independent contractor, factors to take into consideration include the type of behavioral and financial control exercised over the worker, as well as the type of relationship between the parties. The distinction is critical. . .

Read More
Alternative Minimum Tax (AMT) Relief

In general terms, to find out if you owe alternative minimum tax (AMT), you start with regular taxable income, modify it with various adjustments and preferences (such as add backs for property and income tax deductions and dependency exemptions), and then subtract an exemption amount (which phases out at higher levels of income).
Read More
Improved First-Time Homebuyer Credit

Last year's Housing Act included a refundable tax credit for first-time homebuyers equal to the lesser of 10% of the purchase price or $7,500 for qualifying purchases after Apr. 1, 2008 and before July 1, 2009. The credit is essentially an interest-free loan because it has to be paid back to the government over 15 years.
 
The Recovery Act has improved the credit for 2009 purchases by (1) eliminating the requirement to pay it back (subject to exceptions), (2) increasing the maximum credit to $8,000, and (3) making it available for purchases through November 2009.
Read More
New Sales Tax Deduction for Vehicle Purchases

For 2009, there is a new deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles after Feb. 16, 2009 and before Jan. 1, 2010. The deduction generally is available regardless of whether you itemize deductions on Schedule A or claim the standard deduction.
Read More
What You Need to Know About The American Recovery and Reinvestment Act of 2009

The American Recovery and Reinvestment Act of 2009 (commonly referred to as The Recovery Act), which was signed into law on Feb. 17, 2009, makes a number of beneficial tax changes for individuals. However, most of them are temporary in nature, that is, unless extended by future legislation, they apply for 2009 only or in some cases for 2009 and 2010.
 
Today, and over the next week, I’ll be posting about the more widely applicable provisions that could have an impact on you and your family.
Read More