Articles
Who must file a 2013 income tax return?
The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Here's a quick overview of the income levels at which a 2013 return is required. *Single individual…..$10,000...
Check the tax rules before lending money to relatives
There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The IRS requires that a minimum rate of...
Why The Affordable Healthcare Act May Soon Cause Shocking Rate Increases For Small Businesses
One of the most misunderstood elements of the Affordable Healthcare Act (ACA) may soon cause a shocking rate increase for small business owners. While all states have taken the option to hold off until 2016, the Small Group Market for insurance coverage will be...
Don’t overlook the “nanny tax”
As you review your filing requirements for 2013, make sure you don't overlook the so-called "nanny tax." If you have a household employee, you could be liable to pay state and federal payroll taxes. First, you must determine whether you have a household employee....
Indianapolis CPA Explains Additional Medicare Taxes
There is a chance that certain individuals will owe more than expected this year due to Additional Medicare Taxes. This is a .9% surtax on wages, compensation, or self employment income that exceeds the following thresholds: • $250,000 for Couples Filing Jointly •...
Are disability insurance benefits taxable?
Have you decided to include disability insurance as part of your financial plan? If so, the next decision is how to pay the premiums. Here's why: The choice you make now can affect the taxability of the benefits received later. For example, say your employer offers...
Indianapolis Tax Accountant Discusses Innocent Spouse Relief vs. Injured Spouse Relief
Because of certain tax benefits, many married couples file a joint tax return. However, there are times when this fling can result in confusion between partners under challenging circumstances. Generally, filing a joint return means that both spouses are individually...
Employees get more than a paycheck
Surveys show that employees tend to underestimate the amount of money that their employer is spending on employee benefits. It's up to you to get them to realize their paycheck is only part of the compensation they are receiving as employees. Make your employees aware...
Should you use a bank line of credit?
Just exactly what is a bank line of credit and who should be using one? A bank line of credit is not a great deal different from a credit card. You make draws against your line of credit from time to time as you need cash. You pay interest only on the amount of the...
IRS sends “possible income underreporting” notices
Form 1099-K is a new information return sent to businesses by "payment settlement entities" reporting the amount of credit card and other electronic receipts that were processed for the business. The IRS also receives a copy of Form 1099-K and cross checks the...
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