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…)
The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2014. Our Bergen County CPA office offers you insight to this. HSA’s allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2014 contribution limit for individuals is $3,300; the limit for family coverage… (more…)
The Internal Revenue Service today reminded Boston area taxpayers and others affected by the April 15 Boston Marathon explosions that their individual income tax returns and tax payments are due Monday, July 15. Our Bergen County CPA office offers you insight to this. This relief applies to all individual taxpayers who live in Suffolk County, Mass., including the city… (more…)
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…)
The Internal Revenue Service today announced on May 24, 2013, that interest rates will remain the same for the calendar quarter beginning July 1, 2013, as in the prior quarter. Our Bergen County CPA office offers you insight to this. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three… (more…)
Your mortgage insurance premium write-off for 2012 may be harder to find. IRS eliminated the box for this item on Form 1098 because of the confusion over whether the deduction would be restored for 2012. Congress did reinstate it, but the law wasn’t signed until Jan. 2, 2013. Some mortgage companies have decided that they won’t reprogram their computers and… (more…)
Income derived from mobile billboards qualifies for a special tax break: The 9% domestic production deduction, pursuant to the the Revenue Service. Our Bergen County CPA office offers you insight to this. This is because the displays are attached to a truck and they are moved to a new site every week or so. The result is different for traditional… (more…)
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…)
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…)
Congress passed a two-year extension for the R&D Tax Credit as part of the Fiscal Cliff Relief bill. The “American Taxpayer Relief Act of 2012” (the Act), which the President signed into law on Jan 2, 2013, extends the credit retroactively and is now set to expire at the end of 2013. This is the 15th credit extension since… (more…)