As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for the more popular programs:
Lost in the recent news regarding stolen identities at Snapchat and the credit and debit card theft at major retailers, is the dramatic increase in identity theft and scams using the IRS. One of the more recent scams announced by the IRS is worth noting.
Phone: 805-389-7300 • Fax: 805-435-7498 • This email address is being protected from spambots. You need JavaScript enabled to view it. • www.SharpCPA.com
January 2014 Monthly Client Newsletter
Phone: 805-389-7300 • Fax: 805-435-7498 • This email address is being protected from spambots. You need JavaScript enabled to view it. • www.SharpCPA.com
Every year,the General Services Administration (GSA) establishes per diem rates for government employees in the 48 states in the continental U.S. and the District of Columbia ("CONUS" rates); in areas outside the continental United States (Hawaii, Puerto Rico and U.S. possessions ("OCONUS" rates); and in foreign countries.
The IRS says that private employers may use these "per diem" rates as a record keeping shortcut to reimburse employees for business travel with no hassles.
Working late? Give yourself some tax perks...
Do you find yourself often burning the midnight oil at the office? It takes long hours and hard work to make a business a success.
Here are three common options to get the most out of working late... from a tax perspective.
Zero Percent Tax on Capital Gains?Zero Percent Tax on Capital Gains?
Yes, Assuming you've held the property longer than a year (i.e., a long-term gain), the federal capital gains tax rate is 0% for taxpayers on gains that fall within the 10% and 15% tax rackets.
As you look for year-end tax moves to save on your bill from Uncle Sam, you may consider selling stocks that have lost value. This can be a great strategy when up to $3,000 in stock losses can offset your ordinary income. However, there is a little known rule called the Wash Sale rule that could surprise the unwary taxpayer.
December 18, 2013 - DiSabatino, CPA is proud to report that we passed our peer review process with the highest scoring level, a pass.
A Peer Review is a systematic review of a firm's accounting and auditing services performed by a peer reviewer who is unaffiliated with the firm being reviewed to ensure work performed conforms to professional standards.
Everyone wants to save taxes. Well here is a solution to defer taxes, which in the long run may save you taxes - feel free to contact us to learn more about the basic strategy of retirement planning.
Strategy: Set up a solo 401(k) plan. Due to special tax rules, you can contribute more to this type of plan than other comparable retirement plans. In fact, a solo 401(k) offers an unprecedented tax-saving opportunity for a married couple working together.
The IRS recently announced mileage rates to be used for travel in 2014. The Business, Medical, and Moving mileage rates decrease one half cent versus 2013 while charitable rates remain unchanged. Business mileage decreases 1/2 cent per mile.
2013 Tax Changes for Individuals, Businesses and more....
One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus writing a check. This part of the tax code provides a tax benefit to you in two ways:
Here is a copy of recent communication to my business clients... It may be of interest to your business.
Recently, the Internal Revenue Service issued final tangible property capitalization regulations. These regulations provide clarity to a complex area of tax law for business taxpayers who acquire tangible property, or who own tangible property which they improve, maintain or repair. The final regulations address the proper characterization and tax treatment of expenditures related to these acquisitions, improvement, maintenance and repair activities.
November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American Red Cross, the Salvation Army, United Way, and the American Cancer Society are household names. Others are less known. Here are some tips on how to research these organizations prior to donating funds.
The term "kiddie tax" was introduced by the Tax Reform Act of 1986. The IRS introduced this rule to keep parents from shifting their investment income to their children and have this income taxed at their child's lower tax rate. The law requires a child's unearned income (generally dividends, interest, and capital gains) above a certain amount ($2,000 in 2013) to be taxed at their parent's tax rate. Here is what you need to know.
The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase in 2014 by 1.5%. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2013. In addition, other figures based on the national average wage index will also be changed. A recap of the key amounts is outlined here:
Do you have funds in an employer provided Health Flexible Spending Arrangement (FSA)? If you worry about the long-standing rule of using up those funds or you'll lose them, then a new notice from the IRS could be helpful for you this year.
One often over-looked way to reduce your tax obligation is to donate gently used items to a favorite charity. Too often this is done without the necessary forethought to ensure you can deduct the value of these donations on your tax return. Here are some tips to ensure you can receive this tax benefit.
Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit.
