Tax Pro Plus
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Dear Valued Client,
Tax season is in full swing. This edition of our client newsletter includes steps to take if you are missing a W-2, helpful tips on tax advantaged education saving, details on business deductions for website expenses and much more.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. 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
Tax season is in full swing. This edition of our client newsletter includes steps to take if you are missing a W-2, helpful tips on tax advantaged education saving, details on business deductions for website expenses and much more.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. 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
Are You Missing a W-2?
Have you received all of your W-2s? These documents are essential for completing individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until January 31 to provide or send you a 2013 W-2 earnings statement, either electronically or in paper form. If you have not received your W-2, follow these steps:
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Where's My IRS Tax Refund
The IRS provides up-to-date refund information that is updated every 24 hours, usually overnight. Refunds for e-filed individual tax returns are generally issued within 21 days. Up to 8 weeks for paper filed returns.
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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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Saver's Credit Can Help You Save for Retirement
Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit.
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Maximizing Qualified Tuition Program Contributions
Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money for a family member’s college education, while you maintain control of the funds. The earnings from these accounts grow tax-deferred and are tax-free if used to pay for qualified higher education expenses. 529 plans can be used as an estate-planning tool as well, providing a means to transfer large amounts of money without gift tax. With all these tax benefits, 529 plans are excellent vehicles for college funding.
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How Business Website Expenses Are Deducted
With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website. But some questions still exist as to what part of a website is considered software, and to date, the IRS has not fully clarified that issue for tax purposes.
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Don’t Overlook the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a refundable credit primarily for lower-income individuals and couples with qualifying children. The credit first offsets any tax liability of the taxpayer(s), and any credit left over is fully refundable. For 2013, the credit can be as much as $6,044 for a taxpayer with three children. The IRS reports that in the past, 1 in 5 individuals who qualified for the credit failed to claim it.
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5 Ways to Accelerate Your Receivables in QuickBooks
Increasing your income is good. But even if you can't, you can still take steps to collect the money you're already owed faster. Here are five.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
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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