Tag Archives: Tax Changes

The AMT(Alternative Minimum Tax) : Will This Tax Apply to You?

Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called “adjustments,” are added to or subtracted from the income shown on your tax return to arrive at your AMT taxable income. Our Bergen County CPA office offers… (more…)

IRS Announces 2014 HSA Contribution Limits

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 HSA’s allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses.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…)

Facts to Know about AMT

  The Alternative Minimum Tax may apply to you if your income is above a certain amount.  Our Bergen County CPA office offers you insight to this. Here are some facts the IRS wants you to know about the AMT: You may have to pay the tax if your taxable income plus certain adjustments is more than the AMT exemption… (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…)

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…)