For 2013: * The 7.5% floor for deducting medical expenses rises to 10% (unless the client or spouse is 65 or older, in which case it stays at 7.5% until 2016). * Healthcare flexible spending account contributions are capped at $2,500/year, with no contributions for over-the-counter medications. * Taxpayers with earned income above $200,000 ($250,000 [...]
Read More Health Care Bill, Income Tax Preparation, Mileage Deductions, Tallahassee Tax Service, TallyTaxMan, Tax Credits, Tax DeductionsFor 2010: Small businesses with up to 25 employees earning $40,000/year or less will get a tax credit for 35% of the cost of providing health benefits to their employees. On the tax side, employers will have to report the value of health benefits they provide employees on Form W2. That doesn’t mean benefits will [...]
Read More Health Care Bill, Income Tax Preparation, IRS Letters, Mileage Deductions, TallyTaxMan, Tax Credits, Tax DeductionsWhat is inflation, exactly? The best definition I have found is this: The rising cost of goods and labor due to the expansion of the currency supply. What does this really mean? The US Dollar is not money, but rather a currency. When the Federal Reserve “creates” more dollars with their printing presses and their [...]
Read More Income Tax Preparation, Inflation, IRS Letters, Tallahassee Tax Service, TallyTaxMan, Tax Deductions