[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
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
Now's the time to get a Mid-Year Tax Projection to see how you'll do on April 15 next year. If you have self-employment income, made a job change during the year, have multiple sources of income, or just want to see where you stand tax-wise, our Mid-Year Tax Projection Service will help! We'll calculate a… Continue reading Now’s the time for Mid-Year Projections
By guest author Lawrence B. Keller, CLU, ChFC, CFP® As the owner of a medical or dental practice, you are the key to its success. Your patients and staff rely on you. If you become disabled, you may be unable to provide the services your patients expect or the leadership that your employees need. Overhead… Continue reading Disability Business Overhead Expense Insurance
Tax hikes in 2013 mean it's time to revisit available tax breaks. Effective 1/1/13, taxes increased for many well-paid Americans. Here are three separate tax hikes that might affect you: Top federal income tax rate now 39.6% Top Medicare tax on earned income now 3.8% New 3.8% Medicare tax on unearned income Beginning on January… Continue reading Part 1: New Tax Rules, Hikes and Strategies for 2013
Check out Andrew Schwartz's webinar "Get Your Deductions: Moonlighting and Deducting Professional Expenses Made Easy" http://www.screencast.com/t/Zksfdssln Are you unsure what expenses you can deduct from your moonlighting income? Not sure what to track all year for professional expenses? Do you want to make sure you receive the maximum deduction allowed for work-related expenses? If so,… Continue reading Free Webinar Link: Get Your Deductions
Don't foget to check out the free mobile app, IRS2Go. You can: check on your refund status get your tax record get the latest IRS news get tax updates If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android… Continue reading IRS2Go Mobile app to check your refund
By Michael Bohigian, EA In part 1 of this series, we looked at the income side of the American Taxpayer Relief Act of 2012. We'll wrap up with Deductions and some tax-savings tips. What’s Being Deducted From Your Deductions Please, No Pease! At first blush, you may be inclined to utter this lament when learning… Continue reading THE NEW AMERICAN TAXPAYER RELIEF ACT – PART 2
By Michael Bohigian, EA The American Taxpayer Relief Act of 2012 rescued the vast majority of Americans from the tax edge of the “fiscal cliff” and the steep tax increases scheduled to kick in as the Bush tax cuts expired at the end of 2012. This legislation, however, did not entirely spare high-income earners. Here… Continue reading THE NEW AMERICAN TAXPAYER RELIEF ACT: HOW MUCH RELIEF IS IN IT FOR YOU?
In a shocking development, the IRS recently announced that they will be honoring the FICA tax refunds submitted by residency programs and individual doctors. The catch is that only FICA taxes paid prior to 4/1/05 qualify. For more information, go to our MDTAXES' April 2010 Newsletter, our January 2009 Newsletter, or our February 2001 Newsletter or… Continue reading WHAT’S NEW WITH THE FICA REFUND?
By Andrew D. Schwartz, CPA In my first post, I looked at Mitt Romney's tax policy based on information posted on his campaign's official website. Today, I'll look at the President's rebuttal and which candidate's tax policy makes the most sense, IMHO. President Obama's Rebuttal: There actually isn't very much information about Obama's tax policy… Continue reading ELECTION SEASON PART 2 – WHICH IS BETTER?