Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks that won't be around next year unless Congress acts to extend them, which, at the present time, looks doubtful. These include, for individuals: the option to deduct state and local sales and use taxes instead of state and local income taxes; the above-the-line deduction for qualified higher education expenses; and tax-free distributions by those age 70-— or older from IRAs fo...
November 1, 2013 12:00 am
Businesses should consider making expenditures that qualify for the business property expensing option. For tax years beginning in 2013, the expensing limit is $500,000 and the investment ceiling limit is $2,000,000. And a limited amount of expensing may be claimed for qualified real property.
November 1, 2013 12:00 am
Increase the amount you set aside for next year in your employer's health flexible spending account (FSA) if you set aside too little for this year. If you become eligible to make health savings account (HSA) contributions in December of this year, you can make a full year's worth of deductible HSA contributions for 2013. Realize losses on stock while substantially preserving your investment position.
November 1, 2013 12:00 am
The Internal Revenue Service reminded taxpayers that the October 15 deadline remains in effect for people who requested a six-month extension to file their tax return. While the current government shutdown has shuttered many offices and turned off many services, it “does not affect the federal tax law, and all taxpayers should continue to meet their tax obligations as normal,” the IRS said in a statement. Over 12 million people filed for automatic six-month extensions earlier in 2013, most of wh...
October 11, 2013 12:00 am
Clients must sign paperwork by September 30 to establish a plan. Before the deadline arrives, consult with your clients on how a Safe Harbor 401(k) can maximize their contributions regardless of employee participation or deferrals. With a Safe Harbor 401(k), your clients can: Defer up to $17,500 with pretax payroll deductions, regardless of what employees defer.
September 26, 2013 12:00 am
The health insurance marketplaces created by the Affordable Care Act will open on Oct. 1. Most small employers—those with 50 or fewer full-time employees—are not required to offer health insurance coverage under the Affordable Care Act.
September 26, 2013 12:00 am
Employer Mandate: Large employers (50 or more full-time employees or full-time equivalents) are required to offer health insurance to their employees that meet certain minimum essential coverage requirements. The determination of large employer status is made on an annual lookback basis, and the employer must exceed the 50 employee threshold for more than 120 days during the lookback period and not be a seasonal employer. In 2015 large employers will have to pay a penalty.
September 25, 2013 12:00 am
The federal business mandate for large employers to offer health insurance to its full-time employees has been delayed one year, thus starting in 2015. However, individuals are still required to carry health insurance starting in 2014 or be subject to penalties. State-based health exchanges are set to be in place by Oct 1 to help people without access to coverage meet this requirement.
September 25, 2013 12:00 am
In 2014 individuals can obtain health insurance without employment. Health insurance whether obtained from your employer or the health insurance exchanges is required to cover the following broad categories: · Ambulatory patient services · Emergency services · hospitalization · maternity and newborn ...
September 25, 2013 12:00 am
EMPLOYER MANDATE On July 2, 2013, the Administration announced on the White House and Treasury websites that it will provide an additional year, until Jan. 1, 2015, before the mandatory employer and insurer reporting requirements under the Affordable Care Act (ACA, commonly referred to as "Obamacare") begin. Since this will make it impractical to determine which employers do not provide minimum essential health coverage, and therefore would owe shared responsibility payments under Code Sec.
September 25, 2013 12:00 am
