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Posts Tagged ‘NY tax’

Equipment Write-Off Decreases for 2014

In recent years, businesses could expense up to $500,000 of equipment purchases in the year of purchase, with a $2,000,000 annual purchase limit. In addition, bonus depreciation was allowed for new equipment purchases. Because Congress did not extend these provisions for 2014, businesses can now only expense […]

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Should You Adjust Your Withholding for 2014?

  Early this year, review the amount of income tax you’re having withheld from your wages to see if it should be adjusted. While you must meet minimum tax payment requirements, don’t over-withhold or you’ll be giving the IRS interest-free use of your money for a year. […]

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IRS Revises E-File Opening Date for Certain Information Returns

The IRS has announced that the opening date for e-filing information returns will be delayed. Through the FIRE (Filing Information Returns Electronically) Production System will change from January 21, 2014 to February 3, 2014. For assistance with this or other tax or accounting matters please contact us […]

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The IRS Has Announced a New FSA Rule

Flexible spending accounts (FSAs) allow taxpayers to set aside pre-tax dollars to pay for out-of-pocket medical expenses. The drawback has been the fact that unused amounts each year are forfeited. Plans could provide a 2½ month grace period to use up unspent set-asides. Now a change announced […]

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A Health Savings Account May Be a Good Choice For You

Health savings accounts (HSAs) allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. You might find an HSA to be the right choice for you and your family. The 2014 contribution limit to an […]

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Plan for the Return of Some Tax Break Phase-Outs

Are you familiar with PEP and Pease? Though they sound like a pop duo, the terms refer to tax rules known as phase-outs that can impact how much federal income tax you owe. Phase-outs are reductions in the amount of deductions, credits, and other breaks you can […]

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Tax Strategies for Charitable Giving

Now that the holiday season has arrived, you might decide to step up your charitable donations to boost your deductions for 2013. Here are six timely strategies. Audit-proof your claims. The IRS imposes strict substantiation rules for charitable donations. In fact, you’re required to keep records for […]

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Use Them or Lose Them: Tax Benefits that will be Gone after 2013

With the massive tax changes made at the beginning of 2013, it is hard to believe that many tax laws are still set to expire at the end of the year unless Congress acts. As the year winds down, now is a good time to review some […]

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Affordable Care Act Reminder

Starting January 1, 2014, individuals, families, and employees of small businesses will have access to affordable health care coverage through a new competitive private insurance market called the Health Insurance Marketplace.  The Affordable Care Act (ACA) requires many employers to provide written notice to their employees (by […]

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Employer Health Insurance Requirement Postponed

The health care reform law passed in 2010 included a provision that would require employers of 50 or more full-time employees to provide affordable health insurance to their workers or face steep penalties. That provision was scheduled to take effect January 1, 2014. The Treasury Department has […]

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