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Posts Tagged ‘income tax planning’
Happy Tax Freedom Day 2013 to Connecticut Taxpayers
Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn. Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.
6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End
There are a host of reasons small business owners should meet with their CPA. Here are 6 of them:
1) Method of Accounting
Smaller business can usually file their tax returns on the cash basis of accounting. The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting. The accrual basis matches the … Continue reading »
Fifty Shades of Tax Deductions
No Fifty Shades of Grey here. Here are Fifty Black and White Tax Deductions and Credits.
1) Standard Deduction – Taxpayers can take the higher of the Standard Deduction or their Itemized Deductions.
2) Medical Expenses
3) Medical Miles – The deduction for medical miles is currently 23 cents per mile.
4 Easy Ways for Taxpayers to Take the Hippocratic Oath
All Physicians must take the Hippocratic Oath. This is an oath where they swear to practice ethically. Although there is some debate about the translation, the main theme is, ‘First, Do No Harm.’
All taxpayers need to take the Hippocratic Oath so they do no harm with their tax plan.
9 Easy Steps for a Mid-Year Tax Review
Half of the year is almost over. Don’t wait until the end of the year to do your planning. It’s time for your Mid-Year Tax Review. 1) Review your withholding. Review your prior year income tax return for the income tax paid. Check your year-to-date paystub to see if your withholding is tracking where it needs to be. If you need to adjust your federal withholding, file … Continue reading »
