August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to … [Read more...] about August 2013 Individual Due Dates
Personal Tax
Congress Puts Lid On Health Flexible Spending Arrangements
As part of the Patient Protection and Affordable Care Act (new health care law), employee contributions to health flexible spending arrangements (health FSA) are now being limited to a maximum pre-tax contribution of $2,500. Employers are able to establish what is referred to as cafeteria plans for their employees. These arrangements allow employees to allocate a portion of … [Read more...] about Congress Puts Lid On Health Flexible Spending Arrangements
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, allU.S.persons, with certain exceptions, must have minimal essential health care coverage or face a tax penalty. Recognizing this requirement could present a serious financial problem for lower-income individuals and families who do not have employer-provided coverage or other forms of … [Read more...] about Premium Assistance Credit – The Health Insurance Subsidy For Lower Income Individuals and Families
Eight Tips to Determine if Your Gift Is Taxable
If you give someone money or property during your lifetime, you may be subject to the federal gift tax. The following tips will help you determine if your gift is taxable or if you are required to file a gift tax return. 1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you give a gift to your spouse or to a charity. If you give a gift to … [Read more...] about Eight Tips to Determine if Your Gift Is Taxable
Mandatory Health Insurance Will Begin in 2014
Beginning in 2014 the Patient Protection & Affordable Care Act (the health care legislation sometimes known as Obama Care) will impose the new requirement that U.S.persons, with certain exceptions, have minimal, essential health care insurance. A minimum essential health care policy is one in which the insurer pays 60% of the average medical expenses incurred by an average … [Read more...] about Mandatory Health Insurance Will Begin in 2014