December 21, 2012
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FAQ: Should I convert to a Roth IRA before 2012 ends?
With 2013 bearing down on us, we hope you have a moment to spare from holiday preparation for some good old-fashioned year-end tax planning. By now you must be familiar with the term “fiscal cliff” and how the expiring provisions, tax rates, and budget appropriations may affect small business, big business, and politics in Washington, […]
Read more- December 21, 2012
- Andrew Presti
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Bonuses and year-end tax planning
As the end of the calendar year approaches, taxpayers ordinarily prefer to minimize current-year income by deferring the inclusion of taxable income to the following year, while accelerating deductions to the current year. However, as many taxpayers are aware, individual income tax rates may increase in 2013, with the potential for dramatic increases for higher-income […]
Read more- December 21, 2012
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Additional 0.9 percent Medicare tax on wages starts January 1st
President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. The 0.9 percent tax applies to individuals; it does not apply to corporations, trusts or […]
Read more- December 21, 2012
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White House, Congress seek to avert “fiscal cliff”
All eyes are on Washington as the White House and the GOP seek to avoid the so-called “fiscal cliff” before the end of the year. President Obama and House Republicans are negotiating the fate of the Bush-era tax cuts, mandatory spending cuts and more in the last weeks of 2012 and negotiations are expected to […]
Read more- November 20, 2012
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November 2012 tax compliance calendar
November 2012 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2012. November 2 Employers. Semi-weekly depositors must deposit employment taxes […]
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