Beginning in 2014, the Affordable Care Act will impose the new requirement that all people in the United States, with certain exceptions, have minimum essential health care insurance or they will be subject to a penalty. How this will affect your family will depend upon a number of issues. Already Insured If you have insurance through Medicare, Medicaid, or the Veterans … [Read more...] about Understanding the Health Insurance Mandate
January 2014 Business Due Dates
January 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2013. This is also the due date for the nonpayroll withholding deposit for December 2013 if the monthly deposit rule applies. Employment tax deposits … [Read more...] about January 2014 Business Due Dates
January 2014 Individual Due Dates
January 2 - Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. January 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during December, you are required to report … [Read more...] about January 2014 Individual Due Dates
Make QuickBooks Yours in 2014: Customize
QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight. While many of the things you purchase and use in your daily work and professional lives don’t come with options, many do. Think about the last time you bought a car, for example. Did you request additional features for … [Read more...] about Make QuickBooks Yours in 2014: Customize
Maximize Your Medical Deductions
Article Highlights The medical deduction AGI floor has increased to 10%, up from 7.5%. For taxpayers age 65 or older and their joint-filing spouses, the AGI floor remains at 7.5% until 2017. For all taxpayers subject to the alternative minimum tax (AMT), the AGI floor is 10%. Beginning this tax year, the only medical expenses that you can deduct are those in excess of 10% … [Read more...] about Maximize Your Medical Deductions