Archive for - February, 2014

There is still time to fund your deductible IRA and take a deduction

Feb. 28, 2014

There is still time to fund your deductible IRA and take a deduction on your 2013 individual income tax return.  Contribution made to your account for 2013, by April 15, […]

What is your magic number?

Feb. 25, 2014

What is your magic number? by Bruce Bechhold, Women’s Journal News

Work Opportunity Tax Credit expired, now what?

Feb. 21, 2014

Dozens of tax extenders expired on Dec. 31, 2013. Six of which pertain to employers, such as the Work Opportunity Tax Credit. Employers again face uncertainty about certain tax provisions and the […]

IRAs Receiving Schedule K-1

Feb. 19, 2014

Generally IRAs do not need to pay tax on their income. However, if you invest your IRA assets in a pass-thru entity that reports income to investors on Schedule K-1, […]

Tax tip: Advertising payments can qualify for the 9 percent DPGR tax deduction

Feb. 19, 2014

The IRS has concluded that vendor allowances paid to retailers could qualify as domestic production gross receipts (DPGR), and would qualify for the 9 percent domestic production activities deduction (DPAD), […]

Reining in health care costs

Feb. 17, 2014

Effective planning is key to saving on health care costs for small businesses. Being informed of the new health care regulations and how they apply to your company is critical. […]

Is your rental property subject to the Net Investment Income Tax?

Feb. 14, 2014

For tax returns filed for the year 2013 and beyond, the net income earned on rental property may be subject to an additional 3.8 percent Net Investment Income Tax. This tax is based on […]

Final ACA rules issued on employer responsibility

Feb. 13, 2014

The Treasury Department published final rules regarding employer responsibility under the Affordable Care Act (ACA), also known as the employer mandate. Beginning Jan. 1, 2015,the employer mandate generally applies to […]

Gather the right paperwork for a charitable deduction

Feb. 11, 2014

As a rule, taxpayers must provide documentation to support a claim for any contributions made to charity that they are planning to deduct from their income. Assuming that the contribution […]

IRS issues procedures for changes to new repair and capitalization rules

Feb. 11, 2014

The IRS issued new rules relating to the deductibility of certain repairs and when other repairs must be capitalized and accounting for materials, small equipment items, and supplies in regulations […]