On December 22, 2017, Public Law no. 115-97 was signed into law. The bill, also known as the Tax Cuts and Jobs Act, amends tax law effective January 1, 2018. The tax law changes include bracket and rate changes, an increased standard deduction, elimination of personal exemptions, limitation[...]
Read MoreTax preparation season is almost upon us and to assist in planning we will be posting a series of tips over the next few weeks. As always if you have a question or would like to schedule your tax preparation appointment please contact us. Additional Medicare Tax Additional Medicare[…]
Read MoreLooking for a big tax deduction for your business? If you purchase a new heavy SUV (loaded gross vehicle weight over 6,000 pounds) in 2013, you can get a large depreciation deduction. As an example, say that your company buys an qualified SUV (must be new) for[…]
Read MoreThe Internal Revenue Service announced that it would begin accepting tax forms containing depreciation on Sunday, February 10, and forms covering education credits on Thursday, February 14. These forms are Form 4562 – Depreciation and Amortization and Form 8863 – Education Credits. With the acceptance of these forms,[…]
Read MoreThe tax law changes under the American Taxpayer Relief Act (ATRA) caused a delay in filing for 2012 individual income tax returns. However, according to the IRS, the vast majority of filers should be able to start filing today (January 30, 2013). The IRS will be able to[…]
Read MoreYour 2013 income tax marginal rate may be higher than you think. Married filers with incomes over $300,000 and singles with incomes over $250,000 will want to read on. The individual income tax rate does not jump to 39.6% until married filers reach over $450,000 of taxable income[…]
Read MoreIn 2013, employees may make elective deferrals to their 401k of up to $17,500 ($23,000 for taxpayers over the age of 50). This limit applies to 403(b) and 457 plans also. IRA and Roth IRA contribution limits increased by $500 dollars to a total of $5,500 ($6,500[…]
Read MoreWhy your paychecks will be smaller this year despite the American Taxpayer Relief Act: Although most Americans will not see an increase in their 2013 income taxes they still will see a decrease in their paychecks. This is due to the two percentage point cut in the employee’s[…]
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