Tag Archives: 2013 Tax Laws

Simplified Home Office Expense Deduction

Beginning in 2013 there is a simplified way to take a home office expense for a portion of your home.  This new ‘safe-harbor’ option greatly simplifies how to record valid expenses for business use of your home.  Here is how it works: You may opt to take your office space square feet times $5 and use this as a valid… (more…)

Supreme Court Strikes Down DOMA

  In a 5 to 4 decision, the United States Supreme Court has found that Section 3 of the federal Defense of Marriage Act (DOMA) violates the equal protection clause of the Fifth Amendment of the U.S. Constitution as applied to persons of the same sex who are legally married under the laws of their state (Windsor, S.Ct., June 26,… (more…)

Tax Tips for Tax Season: #14 Top Estate Tax Rate Set at 40%

    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 new law sets the estate exemption at $5,000,000 with a top tax rate of 40%. The exemption amount will be adjusted annually for inflation. The change is… (more…)

Tax Tips for Tax Season: #13 AMT Relief Finally Made Permanent

    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: Taxpayers have waited a long time for a solution to the alternative minimum tax (AMT). The new tax law sets the 2012 exemption amount at $50,600 for unmarried… (more…)

Home-Office Deduction Simplified

Starting this year, taxpayers who use a portion of their home regularly and exclusively for business may opt to use a simplified method for computing their home-office deduction.  Our Bergen County CPA office offers you insight to this. Instead of complex calculations for allocating expenses, the simplified method allows $5 a square foot for up to 300 square feet for… (more…)

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…)

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…)

Congress Averts Tax Portion of Fiscal Cliff

The “American Taxpayer Relief Act of 2012″ approved by Congress just after we plunged over the “fiscal cliff” restores and modifies several expired tax breaks, but doesn’t address other issues.  Our Bergen County CPA office offers you insight to this.  Here are the highlights of the new law’s provisions for individual taxpayers. * Individual income taxes. Only the wealthiest taxpayers… (more…)