01/27/2011 You gotta love the Internet. Information (and dis-information) on steroids coming at us 24/7. I started getting emails from clients in the fall with forwarded messages of doom, that ObamaCare promised to tax one of our nation’s most sacred tax “loopholes” – the gain on the sale of our principal residences – in order… Continue Reading
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Author Archives: Kathy Zaffore
Payroll Tax “Holiday” – Social Security Only
01/10/2011 A client called today positive that she had found a glitch in QuickBooks payroll software — the Social Security deducted at the employee level did not equal the Social Security calculated for the employer. Yep, I told her, it is right. Here is the deal. For 2011 ONLY, Congress decided to allow wage earners… Continue Reading
Tax Season Delays – Are You Impacted? (and April 18 filing date)
01/01/2011 Congress waited until the LAST POSSIBLE MOMENT to act on the Bush tax reduction extenders and other tax relief legislation recommended by the Obama Administration. The President signed the new legislation into law on December 17 . This has put a wrench in the works for virtually 100% of our clients. We are going… Continue Reading
2010 TAX COUNTDOWN – A SEP-IRA May Be a Great Deduction for You!
12/14/2010 http://www.irs.gov/retirement/article/0,,id=111419,00.html#1 If you are a business owner looking for a fast and easy way to reduce your tax burden this year, SEP-IRAs are one of my favorite recommendations. SEP is the acronym for Simplified Employee Pension plan. And while the truth is that no qualified plan is really “simple” – SEPs come pretty close.… Continue Reading
2010 TAX COUNTDOWN – Roth IRAs and Kids: A Winning Combo
12/13/2010 Who can set up a Roth IRA? Anyone who has earned income (as in W-2 wages or self employment income) and as a single taxpayer has modified adjusted gross income of less than $120,000. Who does that describe? Lots of people – including YOUR KIDS. Here is the rule: for 2010 and 2011, a… Continue Reading
2010 Tax Countdown – Small Business (and Household Employer!) Healthcare Tax Credit Effective for 2010 through 2013
12/06/2010 Small business owners and household employers (as in Nanny)– listen up! And watch a YouTube from our buddies at the IRS http://www.youtube.com/watch?v=85i1kzIG57k. The Affordable Care Act of 2010 passed earlier this year may offer some financial relief for you IF you provide health insurance for your employees. Here is the skinny on qualifying for… Continue Reading
2010 Tax Countdown – S Corporation Shareholders and Health Insurance Deduction – Check NOW
[UPDATE DEC 2011: We have been told by a seminar presenter that for 2011 and beyond, S corps should report health insurance for shareholders on W-2 in Box 12 with DD code instead of Box 14 as in the past…we are going to research this a tad more…but there you have it for now. Also, the presenter… Continue Reading
2010 Tax Countdown – Is a Gym Membership Deductible as a Medical Expense?
12/04/2010 As we all start drafting our 2011 New Year Resolutions, “get healthy and fit” will be at the top of many of our lists – AGAIN. But this time, I’m serious!! Aren’t you? So, of course, the burning question is: Can I deduct my gym membership? After all, it is all about being responsible… Continue Reading
2010 Tax Countdown – Yes, Virginia, There Really is a 0% Capital Gains Tax Rate
12/03/2010 You read that right. There is a 0% capital gains rate in effect for 2010. That means NO TAX (or reduced tax) on long term capital gains on sale of stock other securities or any capital asset, like a second home. We don’t know yet if it will be extended to 2011, so if… Continue Reading
2010 Tax Countdown – 2010 ONLY Additional Health Insurance Deduction for the Self Employed
11/29/2010 With all the talk about health insurance reform, here is one that may level the playing field for self employed people who calculate Social Security and Medicare tax on Schedule SE in the personal Form 1040 – that is those who file Schedule C, Schedule F or Schedule E for earned income (not generally… Continue Reading