Tax Central
We are dedicated to keeping clients abreast of the latest tax law changes, planning strategies and vital tax-related information. This section includes a library of timely articles, due date reminders and much more. The articles are categorized by subject matter, which can be accessed from the links.Click on your topic of interest and find a wealth of information.
How the Health Care Law Will Impact Your Taxes
The intent of this article is to explain how the Affordable Care Act will impact your pocketbook when the healthcare taxes kick in, and when the mandatory insurance requirement becomes effective. Here are the details for your 2013 tax return:
- IRS Introduces New Safe Harbor Home Office Deduction
- Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of the taxpayer’s home. The deduction is $5 per square foot with a maximum square footage of 300.
- Tax Rates Increase
- Tax rates, both ordinary and capital gains, increased in 2013, and future years, for higher income taxpayers whose taxable income exceeds the income threshold for their filing status.
- Don’t Overlook the Small Employer Health Insurance Credit
- If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit. This credit is one of the first health care reform provision to take effect as a result of the Health Care Act that was enacted in 2010. The credit reduces a small employer’s tax liability and is claimed on the employer’s income tax return; for eligible tax-exempt employers, the credit reduces the organization’s payroll taxes.
- Mandatory Health Insurance Begins in 2014
- Beginning in 2014 the Patient Protection & Affordable Care Act (the health care legislation sometimes known as Obama Care) will impose the new requirement that U.S. persons, with certain exceptions, have minimal, essential health care insurance.
- Large Employer Mandatory Health Coverage
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Beginning in 2015, large employers, generally those with 50 equivalent full-time employees in the prior calendar year,