Category Archives: Income Tax

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

2012 W2 Health Care Reporting

There is a great deal of confusion on whether an employer has to include Health Insurance on the W2 of employees.   You will read in many places it is mandatory.   On June 28, 2012, the U.S. Supreme Court upheld the … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Payroll Tax, Retirement Accounts, Sub S Corporations | 7,901 Comments

PENALTY ABATEMENT – FTA – A VERY BIG DEAL!

If you file or pay late… and you have been compliant for the last three years (that means you filed and paid on time), there is a little known program called FTA for First-Time Abate program.   You must REQUEST … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 5,382 Comments

2012 SUV Depreciation

If in 2012 you purchase and put into use a$60,000 SUV with a gross vehicle weight greater than 6,000 pounds, you can expense $25,000.  Then, half of thre remaining  $35,000 cost ($17,500) qualifies  for 50% bonus depreciation.  Finally, you can … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 7,598 Comments

Meals & Entertainment Deduction

IRS says….    Entertainment includes the cost of a meal you provide to a customer or client, whether the meal is a part of other entertainment or by itself. A meal expense includes the cost of food, beverages, taxes, and tips … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 7,350 Comments

Completed-Contract Method of Accounting

The completed-contract method of accounting is used by contractors and manufacturers. Unlike the percentage-of-completion method which recognizes revenues and gross profit in the applicable periods of the construction or manufacturing process, and not only in the period when the construction … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Sub S Corporations | 6,055 Comments

Sales Tax Collection Allowance in Florida eff. July 1, 2012

New law requires sales and use tax dealers to file and pay tax electronically to receive a collection allowance For sales and use tax returns and payments due on or after July 1, 2012, dealers may deduct a collection allowance … Continue reading

Posted in General, Income Tax, LLC's, Sub S Corporations | 6,937 Comments