Beginning in 2015, large employers, generally those with 50 full-time employees in the prior calendar year, that Do not offer coverage for all their full-time employees, Offer minimum essential coverage that is unaffordable (employee contribution being more than 9.5% of the employee’s household income), or Offer minimum essential coverage where the plan’s share of the total … [Read more...] about Patient Protection and Affordable Care Act – Large Employer Mandatory Health Coverage
July 2013 Business Due Date Reminders
July 1 - Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for calendar year 2012. Even though the forms do not need to be filed until July 31, you should contact this office now to see if you have a filing requirement, and if you do, allow time to prepare the return. July 15 - Non-Payroll … [Read more...] about July 2013 Business Due Date Reminders
July 2013 Individual Due Date Reminders
July 1 - Time for a Mid-Year Tax Check Up Time to review your 2013 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS … [Read more...] about July 2013 Individual Due Date Reminders
Receiving Inventory With or Without Bills in QuickBooks
When your goods come rolling in, be sure to document them correctly. You’re probably happy to see couriers delivering inventory items you’ve ordered since it means you can ship to customers, but recording the new stock means yet another repetitive task. QuickBooks’ tools can help with this, but you need to be sure you’re using the right forms. There are two different ones … [Read more...] about Receiving Inventory With or Without Bills in QuickBooks
Installment Sale – a Useful Tool to Minimize Taxes
Two new laws that take effect in 2013 can significantly impact the taxes owed from the sale of property that results in capital gains. They include: Higher Capital Gains Rates – Starting in 2013, capital gains can be taxed at 0%, 15%, or 20% depending upon the taxpayer’s regular tax bracket for the year. Therefore, if your regular tax bracket is 15% or less, the capital gains … [Read more...] about Installment Sale – a Useful Tool to Minimize Taxes