Large Employer Mandatory Health Coverage

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
Read More

Mandatory Health Insurance Begins 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
Read More

Large Employer Mandatory Health Coverage

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
Read More

IRS Introduces New Safe Harbor Home Office Deduction

Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of the taxpayer’s home. The deduction is $5 per square foot with a maximum square footage of 300. Thus the maximum deduction is $1,500 per year. Here are the details of this simplified method: Annual Election - A
Read More

Don't Overlook the Small Employer Health Insurance Credit

If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit. This credit is one of the first health care reform provision to take effect as a result of the Health Care Act that was enacted in 2010. The credit reduces a
Read More

How the Health Care Law Will Impact Your Taxes

The intent of this article is to explain how the Affordable Care Act will impact your pocketbook when the healthcare taxes kick in, and when the mandatory insurance requirement becomes effective. Here are the details for your 2013 tax return: Increased Hospital Insurance Tax - Part of the taxes withheld on employees' wages covers the
Read More

Tax Rates Increase

Tax rates, both ordinary and capital gains, increased in 2013, and future years, for higher income taxpayers whose taxable income exceeds the income threshold for their filing status. The thresholds at which taxpayers are subject to the top ordinary and long-term capital gains tax rates are $450,000 for joint filers and surviving spouses, $425,000 for
Read More

Recently Enacted Tax Breaks for Small Businesses

February 20, 2012 rick
Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date. Cell Phones No Longer Listed Property - This means that cell
Read More

When Will Congress Act On the Next Set of Tax Changes?

February 20, 2012 rick
Congress has been in stalemate most of 2011 rankling over issues to make them selves look better for the November elections.   Below is the last set of changes passed by Congress extending many of the changes through 2012 but many of them expired at the end of 2011.The Obama Administration has proposed an extensive number
Read More

IRS Increases Standard Mileage Rate

June 24, 2011 rick
The IRS has increased the standard mileage rate for the second half of 2011 due to rising gas prices over the last several months.  The new standard mileage rate has been increased from 51 cents per mile to 55.5 cents per mile effective July 1, 2011 through December 31, 2011.  Employers whom reimburse mileage expense to their
Read More