Category Archives: Retirement Accounts

The portion of the BLOG is devoted to retirement taxation.

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

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

How Often Does Tax Law Change….

There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone. 

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 4,036 Comments

WHAT IS HIGH DEDUCTIBLE HEALTH PLAN

For 2011, the health plan will have a minimum annual deductible of $1,200 for single coverage and $2,400 for family coverage. The annual out-of-pocket maximum is no more than $5,950 for single coverage and $11,900 for family coverage.

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 3 Comments

HSA 2011 Contributions

2011 Maximum HSA Contributions Individual contribution $3,050 Family contribution $6,150 Catch-up contribution (over age 55 and not enrolled in Medicare) $1,000   The IRS has determined that the change in inflation was not significant enough to result in adjustments to … Continue reading

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 296 Comments

2012 Social Security Increase

Social Security benefits to go up 3.6% in 2012 Social Security payments will rise 3.6% in January, the first cost-of-living adjustment in three years. However, an expected increase in Medicare Part B premiums is expected to cancel out at least … Continue reading

Posted in General, Income Tax, Newsletter Topics, Retirement Accounts | 410 Comments

IRS 2009 Statistics

IRS statistics now available for 2009 tax returns. The highest earning 1% of all U.S. individual taxpayers paid 36.7% of all federal income taxes. The highest earning 5% paid 58.7%. The bottom 50% paid only 2.25% of total federal income … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Retirement Accounts, Sub S Corporations | 394 Comments

What is an Enrolled Agent (EA)?

Background: “Enrolled” means EAs are licensed by the federal government, while “Agent” allows appearance in place of the taxpayer before the Internal Revenue Service (IRS). Only EAs, attorneys and CPAs may represent taxpayers before the IRS. The EA profession started … Continue reading

Posted in General, Income Tax, International Taxation, LLC's, Newsletter Topics, Payroll Tax, Retirement Accounts, Sub S Corporations | 121 Comments