According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
Tag: Andrew Schwartz
8 Tax Savers for Parents
From IRS Tax Tips: Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents. In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013.… Continue reading 8 Tax Savers for Parents
Locum Tenes Provider Guide
Are you a Locum Tenes Provider? If so, you'll want to read Andrew's Tax Guide for Locum Tenens Providers published by Barton Associates. It covers the key tax implications of being an independent contractor and tax tips you can apply immediately. You can download a free pdf copy here..
SS Tax101: Choosing the Right Filing Status
We're happy to start a monthly "Tax 101" Series! We'll feature basic topics of taxes and hopefully answer those questions that you maybe felt were "too silly to ask" a CPA in person. And please let us know if there are topics you'd like us to cover. Topic 1: Filing Statuses (from IRS Tax Tips) Using… Continue reading SS Tax101: Choosing the Right Filing Status
Checklist to Cut 2013 Taxes
Take a peak at Andrew's article for Oncology Practice Management. Lots of tips to cut your 2013 taxes and advice for 2014.
Radio Interview: 8 Resolutions
Take a listen to Andrew's interview with George Knight on Radio 92.9 Greater Media Boston - 8 Resolutions to Improve Your Personal Finances
IRS DECREASES MILEAGE RATE FOR 2014
The IRS announced that the standard mileage rate will decrease to 56 cents per business mile driven in 2014. That is a decrease of approximately 0.9% over the 56.5 cents allowed in 2013. According to the IRS, "The standard mileage rate for business is based on an annual study of the fixed and variable costs… Continue reading IRS DECREASES MILEAGE RATE FOR 2014
RE: EIGHT RESOLUTIONS TO IMPROVE YOUR PERSONAL FINANCES
Personal financial planning is an ongoing process. The good news is that financially speaking, 2013 was a really good year. The stock markets are at all time highs. Many real estate markets around the country rebounded nicely. And interest rates remain near historic lows. Hello 2014. Who knows how financially friendly this year will be?… Continue reading RE: EIGHT RESOLUTIONS TO IMPROVE YOUR PERSONAL FINANCES
IRS Increases Retirement Plan Limits for 2014
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that most of the retirement savings limits will NOT increase for 2014. RETIREMENT PLAN LIMITS FOR 2014: Savings Opportunity Maximum Contribution for 2014 401(k) or 403(b) Deferrals $17,500 in 2014 Roth and Traditional… Continue reading IRS Increases Retirement Plan Limits for 2014
Deducting Un-reimbursed Professional Expenses
According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
Year End Planning Tip
During December, you should evaluate whether you'll save any taxes by postponing 2013 income or deductions into 2014 or by accelerating 2014 income or deductions into 2013. While many factors should be evaluated prior to making your final decision, a few items to keep in mind are as follows: For 2013, a single person will… Continue reading Year End Planning Tip
Checklist to Cut your 2013 Tax Bill
It's not too late to cut your 2013 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven't been contributing at the maximum rate all year. This year you can put away up to $17,500 ($23,000 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut your 2013 Tax Bill
To Do for 12/31: IRAs to Roth IRAs
Determine whether to convert your IRA to a Roth IRA. Ask your accountant or financial planner for help if you need it!
Social Security Max increase to $117,000 for 2014
Each year, the government bumps up the maximum Social Security taxes that you can pay. For 2014, the maximum wage base jumps to $117,000, an increase of $3,300, or 2.8%, over the max of $113,700 that was in place for 2013. The Social Security Administration predicts that 10 million individuals will end up paying higher… Continue reading Social Security Max increase to $117,000 for 2014
IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA
[Editor's Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented more than 25 years ago, all I've seen is more and more complex tax rules… Continue reading IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA
IRS Announces Few Increases to Retirement Savings Limits for 2014
On Halloween night, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations. Unfortunately, the bulk of the retirement savings limits will not increase from 2013. According to the October 31st announcement made by the IRS on Pension Plan Limitations for 2014, "Some pension limitations such as those governing 401(k)… Continue reading IRS Announces Few Increases to Retirement Savings Limits for 2014
IRS Delays Tax Season
The IRS has announced it will delay the start of tax season due to the Federal government shut-down. The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest individual tax returns will be accepted is now January 28, 2014. The filing deadline remains… Continue reading IRS Delays Tax Season
Don’t Wait Until Tax Season for Good Advice
Check out our YouTube Channel of presentations on topics for healthcare professionals and dental practices: http://www.youtube.com/user/SchwartzCPAs
Fall Newsletter Available
Check out our Fall Client newsletter online or as a PDF.
Why open a Retirement Plan for Your Practice?
Let’s start by discussing some of the benefits of setting up and maintaining a Retirement Plan for your practice. The first benefit is that contributions you make into the retirement plan are generally tax deductible, and then those contributions grow tax deferred. Remember, contributing to a retirement plan is one of the best tax shelters… Continue reading Why open a Retirement Plan for Your Practice?