Obamacare and your Tax Return

The new health care law often referred to as Obamacare or the ACA could have a dramatic effect on your tax return.  As an example the link at the bottom of this article illustrates the many different impacts your health insurance situation could have on filing your return.  Not only could these new laws affect […]

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Tax Provisions Extended?

According to Kiplinger (one of our primary sources for new tax information), all of the major tax provisions that lapsed in 2013 will be extended for 2014.  Congress had all  year to revive these tax breaks, but as usual they procrastinated and played the political game.  The good news is that we believe the following […]

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Minimum Wages Increases

New Minimum Wage Rules New minimum wage rules will apply in many states including Maryland and West Virginia starting January 1, 2015 and even earlier for certain counties in Maryland.  Use the links below for more information and specifics.  If you are unsure how this applies to your business please contact us. Maryland Law http://www.dllr.state.md.us/labor/wages/wagehrfacts.shtml […]

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Tax Updates

Roth Options In a recent ruling from the IRS… High-incomers can supersize their Roth IRAs. Currently, married filers with adjusted gross incomes below $181,000 and singles with AGIs below $114,000 can contribute up to $5,500 to a Roth IRA…$6,500 if they are age 50 and up. But no contributions are allowed when AGI tops $191,000 or $129,000, respectively. So, those with larger […]

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Simplified Home Office Deduction

For 2013 returns filed in 2014, the IRS is now offering a simplified home office deduction. The new optional deduction is $5 for each square foot of home office space, up to a maximum of 300 square feet. That comes to a maximum $1,500 annual home office deduction. Instead of filling out Form 8829, you’ll […]

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IRS Phone Scams Warning

IRS Updates Phone Scams Warning The IRS is again warning the public about phone scams that continue to claim victims all across the country. In these scams, thieves make unsolicited phone calls to their intended victims. Callers fraudulently claim to be from the IRS and demand immediate payment of taxes by a prepaid debit card […]

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Health Insurance Marketplace – Dangers

If you purchased health insurance from the Health Insurance Marketplace you may have received advanced credit if your income was low enough.  However if your circumstances change i.e.; new job, no longer unemployed, pay raise, eligibility for other coverage, etc., you must report changes to your Marketplace to determine if your premium needs to change.  […]

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Tax Tips – Deducting Moving Expenses

Deducting Moving Expenses If you move because of your job, you may be able to deduct the cost of the move on your tax return. You may be able to deduct your costs if you move to start a new job or to work at the same job in a new location. The IRS offers […]

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TAX TIPS – Miscellaneous Deductions Can Cut Taxes

Miscellaneous Deductions Can Cut Taxes   You may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here are some things the IRS wants you to know about miscellaneous deductions: Deductions […]

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Employee or Subcontractor & Obamacare

Firms with 100 or more full-time employees in 2015 must offer a reasonable level of affordable insurance to their full-time employees or large penalties will be due.  Business with 50 to 99 full-time employees have until 2016 to comply with the pay-or-pay rules.  Reclassified workers can put a small firm over the limit of allowable […]

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