Archive

22Oct2013

Avail Yourself of Your Employer’s Tax-Advantaged Benefits

Article Highlights Employer dependent care benefits allow you to exclude up to $5,000 in childcare expenses from your wages. Employer health care plans allow you to exclude the cost of insurance for you and your family from your wages. Employer 401(k) plans allow you to set aside $17,500 ($23,000 if you are 50 years or
  • 22 Oct, 2013
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17Oct2013

Make the Most of Your Deductions

Article Highlights Bunching allows you to maximize your itemized deductions in one year and take the standard deduction in the next. The medical expense threshold for deductibility has been increased to 10% of AGI for individuals under the age 65. You have the option of deducting the larger of: (1) State and local income tax
  • 17 Oct, 2013
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14Oct2013

Understanding Tax Terminology

Article Highlights Filing status can be single, married filing jointly, married filing separately, head of household, or surviving spouse with dependent child. Adjusted gross income (AGI) is the sum of a taxpayer’s income minus specific subtractions called adjustments. Modified AGI is the regular AGI with certain adjustments and exclusions added back. Taxable income is AGI
  • 14 Oct, 2013
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09Oct2013

Selling Your Home

 Article Highlights Individuals can exclude up to $250,000 ($500,000 for a married couple filing jointly) of gain from the sale of their primary residence. Generally, to qualify for the exclusion, the home must have been owned and used as a primary residence for two of the prior five years. Reduced exclusions apply in certain circumstances
  • 9 Oct, 2013
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07Oct2013

Owner-Only Businesses Should Consider a Solo 401(k) Plan

Article Highlights • Solo 401(k) plans allow greater income deferral than most other retirement plans. • A Solo 401(k) plan suits self-employed and owner-only corporations. • The plan needs to be established prior to year’s end. • The plan is generally not beneficial if company has employees other than a spouse. It goes by many
  • 7 Oct, 2013
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03Oct2013

Give Withholding and Payments a Check-up to Avoid a Tax Surprise

Article Highlights   ·         2013 could hold some unpleasant tax surprises because of :   o    Increased long-term capital gains rates.   o    Increased ordinary tax rates.   o    A new 3.8% tax on net investment income.   o    The new additional 0.9% HI (Medicare) payroll and self-employment tax.   o    Life-changing events such as
  • 3 Oct, 2013
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