Tag Archives: tax advantages

Congress Looking At New Stuff To Tax

Congress is looking for potential sources of tax revenue and the list includes employer-paid healthcare, retirement plans, medicare and other potential sources.

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Reduce Your Taxes with Miscellaneous Deductions

IRS Summertime Tax Tip 2013-15, August 5, 2013

small IRS logo for bloggingIf you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax.  Here are some things you should know about miscellaneous deductions:

Deductions Subject to the Two Percent Limit.  You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as: Continue reading

IRS revises Guidance on W-2 reporting of Group Health Insurance Costs

Employers need to understand the latest IRS pertaining to the ACA, what their obligations are and have systems in place for tracking and calculating reportable costs. For many, the reporting requirement became effective for the 2012 tax year— but for qualifying small employers (filing less than 250 W-2’s) many of these obligations will take effect for the 2013 tax year.   Continue reading

Taxes, Death… and Marriage?

Marriage – tax advantage?  Maybe yes, maybe no.

Marriage can have a tax-rate advantage, but it depends on the incomes.  Did you know you can actually save tax money if one spouse is making a lot less than the other?  It’s true.  The tax bill of the high-income earner can almost (if not totally) be cancelled out.  Continue reading

Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a husband and wife business. Continue reading

Advantages to having a home-based business

The United States tax law encourages business activity by offering many tax benefits to entrepreneurs. Specifically, the tax code provides advantages to small business owners, depending on how you choose to organize your business. Running a home business has its advantages, as home-based businesses qualify for several additional deductions and tax credits. By maximizing these deductions, the home business owner can reduce his tax liability. Continue reading

2013 Tax Changes to Remember on the Road to 2014

2013 contribution limits increased for some of the more popular retirement vehicles.  IRS-2012-77, October 18, 2012:

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s “Thrift Savings Plan” increased $500.00.
  • The catch-up contribution for age 50+ employees and who participate in 401(k), 403(b), most 457 plans and the federal government’s “Thrift Savings Plan” remains unchanged at $5,500.00. Continue reading

Advantages of Running a Home Business

The United States tax law encourages business activity by offering many tax benefits to entrepreneurs. Specifically, the tax code provides advantages to small business owners, depending on how you choose to organize your business. Running a home business has its advantages, as home-based businesses qualify for several additional deductions and tax credits. By maximizing these deductions, the home business owner can reduce his tax liability. Continue reading