Monthly Archives: March 2014

Health insurance tax credits are good medicine for small businesses

The Affordable Care Act provides a tax incentive for small business owners who pay at least a portion of their employees’ health insurance. This year as much as 50% (up from 35% in 2013) of the employer’s cost for worker … Continue reading

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Make QuickBooks Yours in 2014: Customize

QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight. While many of the things you purchase and use in your daily work and … Continue reading

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Who needs an “Employer Identification Number”?

If you do any of the following, you will need an Employer Identification Number (EIN) from the IRS: If you operate your business as a corporation or partnership. If you file reports for employment taxes, excise tax, or alcohol, tobacco … Continue reading

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Rule for deducting medical expenses has changed

You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for … Continue reading

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Striking Out on Your Own in 2014? Your New Tax Obligations

Many newly self-employed individuals get quite a shock when they start planning for income taxes. Here’s what you need to know. You probably remember your surprise when you got your first paycheck from your first job in high school or … Continue reading

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Take a different route to a Roth IRA

If your income exceeds certain levels, you cannot make contributions to a Roth IRA. However, you can convert a traditional IRA to a Roth IRA no matter how high your income. Roth IRAs are popular because qualifying distributions are tax-free … Continue reading

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Take your choice for deducting home office expenses

You now have a choice in how you deduct the expense of a home office. Starting with your 2013 tax return, you can either deduct the actual expenses connected with your home office, or you can use the simplified method … Continue reading

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