Author Archives: admin

Amend Married Filing Joint to Married Filing Single – Can you do it?

Everyone pretty muich knows you can take two Married Filing Separate Returns and combine them to one Married Filing Joint return.  GENERALLY this has a better tax effect for the family. But, can you take Married Filing Joint and split … Continue reading

Posted in General, Income Tax | 144 Comments

Sub S Late Filing Penalty for 2011

The penalty for late filing of a Sub S return (this includes not filing a timely extension) for 2011 is $195 per month x number of shareholders (up to 12 months). When the penalty is accessed, you should call the … Continue reading

Posted in General, Sub S Corporations | 6,310 Comments

2012 IRS Forms (the most used ones) are almost ready for E-Filing!

WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms next week covering education credits and depreciation. Starting Sunday, Feb. 10, the IRS will start processing tax returns that contain … Continue reading

Posted in Ask Question or Comment, General, Income Tax, LLC's, Sub S Corporations | 6,841 Comments

2013 Unemployment Tax – Florida & Federal

The FLORIDA taxable wage base for 2013 remains at $8,000.  This means the first $8,000 of each employee’s wage during the calendar year to taxed for Florida Unemployment Tax Purposes. The FEDERAL wage base for the same purpose is based on … Continue reading

Posted in Ask Question or Comment, General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 7,153 Comments

2013 Florida Minimum Wage

Effective January 1, 2013, Florida’s minimum wage is $7.79 per hour for all hours worked in Florida. For tipped employees the direct hourly wage is $4.77 as of January 1, 2013.

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 6,113 Comments

Homestead Exemption if I rent the home

You will not be able to retain the homestead exemption if the home is rented. The exemption is for your primary personal residence only.

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 12,057 Comments

Social Security in 2012 – How much can I earn without reducing SSoc Pmt

Social Security If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your … Continue reading

Posted in Income Tax, Retirement Accounts | 6,361 Comments

Chartered Global Management Accountant status awarded (CGMA)

AICPA (Association of International Certified Professional Accountants) and the American Institute of Certified Public Accountants (also known as AICPA) have awarded the CGMA (Chartered Global Management Accountant) status by fulfilling all the established requirements of eligibility and demonstrating the necessary … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 6,878 Comments

2013 Standard Mileage Rates Up 1 Cent per Mile for Business, Medical and Moving

IRS today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 7,830 Comments

Bush-era Tax Cuts to expire at end of 2012

Reduced maximum capital gains rate expires Taxation of qualified dividends at capital gain rates will not apply Accumulated Earnings Tax increases to 39.6 (that is for “C” Corporations with lots of Retained Earnings–you know who you are) Personal holding company … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Sub S Corporations | 9,602 Comments