Monthly Archives: February 2013

Tax Tips for Tax Season: #4 IRS Sets 2013 Health Savings Account Limits

    As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our tax tip below: The deductible limits for 2013 health savings account (HSA) contributions have been announced by the IRS. The limit for family coverage is $6,450. For individual coverage, the limit… (more…)

When to Start Drawing Social Security is an Important Decision

  Over the coming years, millions of baby boomers will reach age 62, the minimum threshold for receiving social security retirement benefits. If recent history is any indication, most of these people (over 70% by some estimates) will take their benefits as early as possible.  Our Bergen County CPA office offers you insight to this. But whether you should take… (more…)

Tax Tips for Tax Season: #3 Benefit Sooner from Your IRA

As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our third tax tip below: If you did not contribute the 2012 maximum to your IRA by December 31, 2012, and you make any IRA contributions before April 15, 2013, tell your bank or… (more…)

New Medicare Taxes Take Effect in 2013

  The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare taxes for taxpayers with incomes above certain levels. Here is an overview of these two new taxes. Our Bergen County CPA office offers you insight to this. FIRST, the payroll Medicare tax will increase from 1.45% of… (more…)

Taxable and Nontaxable Income

  Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Our Bergen County CPA office offers you insight to this.  Here are some examples of income that are usually not taxable: Child support payments; Gifts, bequests and inheritances; Welfare benefits; Damage awards for physical injury or sickness; Cash rebates… (more…)

Tax Tips for Tax Season: #2 Contribute to Reduce the National Debt

  As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our second tax tip below: If you want to make a tax-deductible contribution to the Treasury Department to reduce the national debt – now at $16 trillion or so – you need to… (more…)

“Chained CPI”: What’s it all about?

  As the politicians in Washington start once again to tackle the same old problems, you’re likely to hear more about a new way of measuring inflation called the “chained CPI.” Our Bergen County CPA office offers you insight to this. The standard way to measure inflation has been with the consumer price index (CPI). The CPI has been used… (more…)

On Thursday, Feb. 14, 2013, the IRS Plans to start Processing Tax Year 2012 Returns That Contain Form 8863, Education Credits

  At Lefstein-Suchoff, CPA & Associates, we strive to provide you with the most current and up to date tax news and announcements. Please read below for important tax news. The IRS announced on January 28, 2013 in IR-2013-10 that returns containing Form 8863, Education Credits, would be delayed for paper and electronic filing processing until mid- February. Electronically filed… (more…)

Tax Tips for Tax Season: #1 IRS Raises Mileage Rates for 2013

  As a Bergen County CPA firm that provides Bergen County tax and accounting services we are happy to share helpful information this tax season. Check out our first tax tip below: IRS raises mileage rates for 2013 The IRS has increased the standard mileage rates for computing the deductible costs of operating a car for business or for medical… (more…)

IRS Extends Deadline for Farmers and Fishermen

The IRS had to delay the start of this year’s tax filing season until it completed programming changes made necessary by the late passage of the “American Taxpayer Relief Act of 2012″ (signed into law on January 2, 2013).  Our Bergen County CPA office offers you insight to this. Normally, farmers and fishermen are not required to make quarterly estimated… (more…)