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Dear Valued Client,
This edition of our newsletter is loaded with information for both small businesses and individuals with regards to the Affordable Care Act. There are an array of open questions regarding the health care law implementation. These articles will start spelling out your options, tax issues and compliance requirements.
If you see something that you want to talk about, please contact us to explore the possibilities. Please share this newsletter with colleagues, family and friends. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
This edition of our newsletter is loaded with information for both small businesses and individuals with regards to the Affordable Care Act. There are an array of open questions regarding the health care law implementation. These articles will start spelling out your options, tax issues and compliance requirements.
If you see something that you want to talk about, please contact us to explore the possibilities. Please share this newsletter with colleagues, family and friends. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Premium Assistance Credit - The Health Insurance Subsidy For Lower Income Individuals and Families
Beginning in 2014, as part of the Patient Protection and Affordable Health Care Acts, all U.S. persons, with certain exceptions, must have minimal essential health care coverage or face a tax penalty.
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Preparing for the New Surtax
As part of the Affordable Care Act (the new health care legislation), a new tax kicks in this year. The official name of this tax is the Unearned Income Medicare Contribution Tax, and even though the name implies it is a contribution, don’t get the idea that it is voluntary or that you can deduct it as a charitable contribution. It is actually a surtax levied on the net investment income of taxpayers in the higher income brackets. And although it is perceived as an additional tax on higher-income taxpayers, it can affect even those who normally don’t have higher income if they have a large income from the sale of real estate, stocks, or other investments.
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Affordable Care Act Employer Letter Requirement
Beginning Oct. 1, any business with at least one employee and $500,000 in annual revenue must notify all employees by letter about the Affordable Care Act’s health care exchanges. The requirement applies to any business regulated under the Fair Labor Standards Act (FLSA), regardless of size. Going forward, letters are to be distributed to any new hires within 14 days of their starting date, according to the Department of Labor.
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Don’t Overlook the Credit for Small Employer Health Insurance Premiums
The tax law provides a credit for small business employers who pay the health insurance premiums for their workers. This credit can be as much as 35% (25% for tax-exempt organizations) of the insurance premiums paid by the employer in 2013.
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So You Want To Deduct Your Gambling Losses?
Good news... You can! However, the bad news is that gambling losses are only deductible up to the amount of your winnings. This means that you can use your losses to offset your winnings, but you can never show a net gambling loss on your tax return.
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Give Withholding and Payments a Check-up to Avoid a Tax Surprise
2013 will hold some unpleasant tax surprises for many taxpayers simply because of the increased long-term capital gains tax rates, the ordinary income tax rates, and the imposition of two new taxes as part of the Affordable Care Act, including a new 3.8% surtax on net investment income and an additional 0.9% payroll and self-employed health insurance tax.
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Do You Need a More Robust Version of QuickBooks?
Maybe you just need to study your current version thoroughly. But it might be time to move up.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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