by Leif Jensen | Jul 9, 2012 | General |
This is a year to fear if you are considered the wealthy by the government. I just had a meeting with a couple of owners to go over their tax liabilities. Based upon a number of issues one was catapulted into the top 1% of tax payers for the first year, the other is...
by Leif Jensen | Jul 9, 2012 | General |
In 2013 for those who itemize; on Schedule A will find the 7.5%-of-AGI floor for deducting medical expenses will increase to 10% for filers under age 65. This increase will not apply to those 65 and over until 2017. Contributions to the health flexible spending...
by Leif Jensen | Jun 28, 2012 | General |
Last week I was meeting with a prospective client and we were discussing how to treat his medical expenses. As a small business owner this is pretty well spelled out, the basics include medical insurance is deductible on the front of his 1040; the out of pocket...
by Leif Jensen | Jun 26, 2012 | General |
There was recent case where a co-owner asked the IRS to assist in a battle with his partner. The company was behind in making its payroll tax payments. No surprises there, I am sure. The co-owner had a falling out with his partner; he discovered that the firm...
by Leif Jensen | Jun 26, 2012 | General |
It has been official for a while now. The Social Security wage base is planned to increase from the current level of $110,000 to $113,700 in 2013. Again, social security taxes are collected on wages up to this maximum – once wages exceed the maximum no further...
by Leif Jensen | Jun 26, 2012 | General |
The dawn of 2013 brings forth interesting tidings. The Medicare surtax is an additional tax that will be hitting taxpayers who make (single) over $200,000 or (married) over $250,000 with a 0.9% penalty. So married couples, who expect their combined wages to exceed...
