Posts Tagged ‘fiscal cliff’

How Do You Keep Your Tax Documents Organized?

Friday, January 25th, 2013

It’s mid-January. Statistically, most Americans have already abandoned their New Year’s resolutions – those promises you make to yourself to hit the gym, get more sleep and read your favorite accounting blog every day (hey, it was worth a shot). But if you resolved to be more organized in 2013, don’t give up on it just yet – at least not until April 15.

This tax filing season carries extra challenges, thanks to the late passage of the “Fiscal Cliff” tax laws. The IRS isn’t going to be able to process tax returns until around February 1, which gives us a much smaller window of opportunity.

Follow these tips to stay organized this tax season and hopefully experience a few fewer headaches with Uncle Sam’s name on them. (more…)

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What Does the Fiscal Cliff Deal Mean for You and Your Business?

Friday, January 4th, 2013

By now you’ve heard that last minute actions by Congress and the President pulled us off the brink of the fiscal cliff. But, do you know what the American Taxpayer Relief Act means for you and your business?

Overall, the deal is good news for most Americans. While it’s true that the tax rates for 99 percent of taxpayers will not change, everyone who pays payroll taxes will see a slight increase. Here’s what you, as an individual taxpayer, should expect in the year to come: (more…)

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What Difference Does a Day Make?

Wednesday, December 19th, 2012

How do you plan for an uncertain future?  Very carefully.  That’s the advice that we’re giving to our clients as they to prepare for the tax law changes that are coming on January 1, 2013.

We can’t see into the future, but it looks like rates will go up, on lots of different types of income, in 2013.  Unless changes happen, your rates will be significantly higher on January 1 than on December 31.  What difference does a day make?  Perhaps as much as a 29.4 percentage point jump in your taxes. (more…)

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How Can You Prepare for 2013 Tax Hikes?

Monday, December 10th, 2012

2012 Year-End Tax Tips

2012 is almost over and 2013 tax policy hasn’t yet been set. With so much media coverage about expiring tax cuts, increasing tax rates, and the looming fiscal cliff, CPAs and business owners alike are worried about what the New Year will bring. All we want for Christmas is sound 2013 tax policy!

Currently, President Obama is struggling to rally a squabbling Congress; without agreement, big tax hikes are coming. Unfortunately, this might not happen until the New Year – after the higher rates have kicked in. So, what’s a taxpayer to do? You can write a letter to Santa asking him to make Congress come to an agreement or you can act now to help save money and insulate your business from expected tax hikes. Here’s what you might want to consider with the help of your CPA: (more…)

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