2013 Year End Tax Planning Help

2013 Year-End Tax Planning Letter Dear Clients and Friends, Tax planning is inherently complex, with the most powerful tax strategies often relying as much on clairvoyance as they do calculations. As 2013 begins to wind down, the need for a crystal ball lessens, and the ability to strategize with more certainty is upon us. This… Read more »

November Tax Deadlines

November 15 Businesses – Form 990 due

Tax Implications of Health Care Reform

The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses. With healthcare exchanges set to… Read more »

Tax Due Dates for October 2013

October 10 Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 15 Individuals – If you have an automatic 6-month extension to file your income tax return for 2012, file Form 1040, 1040A, or 1040EZ and pay any tax,… Read more »

Attention Employers: Notification of Health Care Exchange Option Necessary by Oct. 1

As you may know, the health care law – the Patient Protection and Affordable Care Act (PPACA) – requires most individuals (including children and other dependents) to carry health insurance, beginning January 1, 2014. The law also requires the establishment of a health insurance exchange in all states by October 1, 2013. The goal is… Read more »

Health Care Exchange Letters Due 10/1/2013

The healthcare reform law requires that all companies covered by the Fair Labor Standard Act provide and/or circulate written notice to all their workers informing them of the ability to purchase health insurance through the new Health Insurance Marketplace (the health exchanges) that open on Oct. 1.  They are required to provide this notice before… Read more »

2013 Second Quarter Federal Tax Developments

During the second quarter of 2013, there were many important federal tax developments. This article highlights some of the more significant developments for taxpayers. DOMA On June 26, the U.S. Supreme Court struck down as unconstitutional Section 3 of the Defense of Marriage Act (DOMA). Section 3 had defined marriage for federal purposes as a union of… Read more »

Paying Off Debt the Smart Way

Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it’s likely to be there for most of their life. Handled wisely, that debt won’t be an albatross around your neck. You don’t… Read more »

QuickBooks Tip: How to Create a Progress Invoice from an Estimate

The U.S. economy may be picking up, but your customers are probably still being very careful with expenditures. If your company’s finances will allow it, you can help them out on sizable jobs by using progress invoicing, also known as partial billingor progress billing. You could, of course, simply create invoices for smaller chunks of the job as… Read more »

Tax Due Dates for July 2013

July 10 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. Employers – Social Security, Medicare, and withheld income tax. If the… Read more »