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 marriage, birth of a child, or new job. o One-time increase in income from … [Read more...] about Give Withholding and Payments a Check-up to Avoid a Tax Surprise
So You Want To Deduct Your Gambling Losses?
Article Highlights Gambling winnings must be reported as taxable income. Gambling losses may be deducted as an itemized deduction. Losses cannot exceed winnings. Losses must be documented. Winnings must include all winnings not just those shown on a W-2G. Good news...You can! However, the bad news is that gambling losses are only deductible up to the amount of your … [Read more...] about So You Want To Deduct Your Gambling Losses?
Don’t Overlook the Credit for Small Employer Health Insurance Premiums
Article Highlights Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time equivalent employees (FTE) with average wages less than $50,000. Self-employed individuals, including partners and sole proprietors, 2% shareholders of an S corporation, and 5% … [Read more...] about Don’t Overlook the Credit for Small Employer Health Insurance Premiums
Affordable Care Act Employer Letter Requirement
Article Highlights Employers must give employees health care notification. Affects employers with one or more employees and a gross income of $500,000 or more. Notices due October 1, 2013. New Employees must be notified within 14 days. Beginning Oct. 1, any business with at least one employee and $500,000 in annual revenue must notify all employees by letter about the … [Read more...] about Affordable Care Act Employer Letter Requirement
Preparing for the New Surtax
As part of the Affordable Care Act (the new health care legislation), a new tax kicks in this year. The official name of this tax is the Unearned Income Medicare Contribution Tax, and even though the name implies it is a contribution, don’t get the idea that it is voluntary or that you can deduct it as a charitable contribution. It is actually a surtax levied on the net … [Read more...] about Preparing for the New Surtax