The U.S. tax code provides multiple tax-saving opportunities related to higher education costs for yourself and your dependents. To take advantage of these breaks, you must first know what is available and which may apply to you. While the tax code has a marvelous way of complicating even the simplest concepts, making every situation unique, […]
The business use of vehicles seems to be an inexhaustible topic with a new twist or wrinkle every year. A review of the basics, specifically for automobiles, SUVs and pickup trucks, can serve as a foundation for a proper understanding of how vehicle expenses relate to tax deductions. Ownership, risk management and business-use percentages are […]
As the 2013 year-end closes in, it’s a good time to revisit the proper treatment of health insurance premiums and S corporation “2 percent shareholders.” If you own more than 2 percent of the outstanding stock of an S corporation (or stock giving you more than 2 percent of the total voting power), a good […]
The recent Supreme Court decision to invalidate a section of the Defense of Marriage Act has far-reaching tax implications. Section 3 of the Defense of Marriage Act (DOMA) defines marriage for federal law purposes as the “legal union between one man and one woman as husband and wife.” The Supreme Court case reviewed a surviving […]
A new unearned income Medicare contribution tax, with an effective date of Jan. 1, 2013, was enacted as part of the healthcare act. That date has come and gone, and the tax is now applicable. The new Medicare tax applies to net investment income of individuals whose modified adjusted gross income exceeds certain threshold amounts. […]
In June 2012, the U.S. Supreme Court ruled in favor of the constitutionality of the Patient Protection and Affordable Care Act, often called Obamacare, clearing the way for the law’s implementation. The Affordable Care Act, along with the Healthcare and Education Reconciliation Act, represents the most significant regulatory overhaul of the U.S. healthcare system since […]
There are always plenty of reasons to speed up the process of filing your individual return. The primary reason has always been that, if you’re expecting a refund, you shouldn’t wait any longer than necessary to receive it. Well, you can add identity theft to your reasoning now. Identity thieves have found ways to fraudulently […]
If you and your spouse have self-employment earnings or wages in excess of $250,000, you should be aware of the new tax increase starting in 2013. The Health Care and Education Reconciliation Act of 2010, which was signed into law on March 30, 2010, created two methods of raising revenue by increasing Medicare taxes by […]
Dual state residency issues are becoming more frequent audit issues as states seek to increase their revenue. In the digital data-sharing world, it’s very important to maintain good tax records. If you own property such as a vacation home in a state where you work, and you reside in another state, you may find yourself […]
Dear Client, Many clients (like yourself) have asked us about the tax impact of the health care reform law now that the U.S. Supreme Court has indicated that the law is largely constitutional. The following paragraphs provide a broad outline of some of the key individual tax provisions in that law. The Personal Responsibility Tax […]