Dear Valued Client,
In this edition of our newsletter, we are covering the latest tax rate changes and the President's proposals for 2014. These are issues that may affect you personally, so it is important to plan accordingly. If you see something that you want to talk about, feel free to contact us to explore the possibilities. Also please share this newsletter with family and friends.
This firm relies on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Nancy Reilly, EA
NCR Accounting Services
President’s Proposed Tax Changes for 2014
The budget proposal released by President Obama on April 10 includes a substantial number of proposed tax changes impacting individuals, businesses, estate taxation, energy incentives, and international issues. Although these are only proposals, they provide an insight into the administration’s thinking on tax reform. An overview of the most prominent issues related to individuals and small business is provided below.
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Tax Rates Increase in 2013
As part of the 2012 American Taxpayer Relief Act (ATRA), tax rates, both ordinary and capital gains, increased in 2013 for higher income taxpayers whose taxable income exceeds the income threshold for their filing status.
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Did You Overlook Something on a Prior Tax Return?
Occasionally, clients will realize that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed.
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Tax Facts about Summertime Child Care Expenses
Many parents who work or are looking for work must arrange for care of their children during the school vacation. If you are one of those, and your children requiring care are under 13 years of age, you may qualify for a child care tax credit.
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Energy Costs Rise as Tax Incentives Fade
With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption.
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Higher Income Taxpayers Hit with Exemption & Itemized Deductions Phase-out
Generally, taxpayers are allowed to deduct personal exemptions of $3,900 for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large, they can itemize their deductions.
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10 Tips to Perfect Check-Printing in QuickBooks
If you used small business accounting products in the early days, you know how frustrating it was to print checks correctly from your software. Pre-printed checks weren’t cheap, and you probably printed at least a few that didn’t line up right or were otherwise unusable.
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Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.
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