by Leif Jensen | Jul 17, 2012 | General |
Employers will now have the privilege of collecting additional Medicare taxes in 2013. As part of the increase in taxes for those deemed to be the wealthy there will be an increase in Medicare tax rates (luckily for business owners they do not have to match this fee)...
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...
