Category: Income Tax

It’s massive, and it’s complicated. At more than 2,000 pages, the Affordable Care Act (ACA for short) has left businesses and individuals confused about what the law contains and how it affects them. The aim of the law is to provide affordable, quality health care for all Americans. To reach that goal, the law requires large companies to provide health insurance for their employees starting in 2015. Medium-sized companies have until 2016 to provide health

BACKGROUND A piece in the LA Times reports that taking the country over the “fiscal cliff” would cost American households $3,500, on average in higher taxes next year. It goes on to say that almost 90% of Americans would see a rise in their tax liability. First, a quick review. “Fiscal cliff” is a term being used by many to describe the unique combination of tax increases and spending cuts scheduled to go into effect on

Have you ever noticed how a title can often mislead you? There is not so much about the moon in the movie “Twilight: Eclipse” nor was “Silence of the Lambs” about happy sheep offspring. And while the Health Care Act is in fact much about health care, it  contains some provisions that might aptly belong under another title. For example, a new 3.8% Medicare contribution tax will be imposed after 2012 on unearned income from interest, dividends, annuities, royalties, rents,

The health-care reform legislation that was recently signed into law contains a number of tax changes. Some of these changes take effect immediately; others won’t have an impact for a few years. Here’s a year-by-year breakdown of some of the changes worth taking note of. Changes taking place in 2010 Bad news if you frequent tanning salons–after July 1, 2010, there will be a new 10% tax assessed on amounts paid for indoor tanning services.

Many of the uncertainties affecting most everyone are finally being cleared up. While 2010 is nearly over, there is still time for last minute planning. The best news of all is that we finally have solid information from which to build our tax plans. While there is much more to come, let’s start with something fairly straight forward. Standard Mileage Rates Announced for 2011 The IRS has announced the optional standard mileage rates for use

Get ready, the big day is fast approaching – that is January 1, 2011. Unless Congress takes action, the passing of 2010 will mark the end of the so called Bush Tax Cuts. According to the Tax Foundation, those tax cuts have been worth about $2,200 in tax savings each year for the median family of four. While significant, it pales in comparison to the opportunity potentially missed by small business owners. For years I

The health-care reform legislation that passed earlier this year was incredibly broad in scope, so it’s probably not surprising that there’s a good deal of confusion, and a number of false or misleading claims being circulated. Here’s the truth behind two of the claims that have gained the most traction lately. The claim: Beginning in 2011, you’ll be taxed on the value of your employer-provided health insurance There are several e-mail campaigns making their way

The following information is reprinted with permission from Forefield, Inc. The year was 2001. The top marginal federal income tax bracket was 39.6%, and the tax rate that applied to most long-term capital gains was 20%. Then came the Economic Growth and Tax Relief Reconciliation Act of 2001, followed two years later by the Jobs and Growth Tax Relief Reconciliation Act of 2003. By mid-2003, the top marginal tax rate was 35%, and the 20%

During preseason practices at a small college some years ago, I observed an unnerving phenomenon. Each morning at breakfast everyone would look around, taking a head count or otherwise attempt to figure out who was missing. Everyone knew that during the dead of night that something happened, people were somehow taken away – without a sound. The first signs were empty chairs at breakfast or an open space in front of a full locker. Rumor

Many people like to stand out in a crowd, to have something a little different that’s out of the ordinary. Whether it’s the car they drive, a certain attire, or even a favorite hobby – most people like to feel special – to have or do something unique that is just a little different from everyone else. Yet when it comes to IRS, there seems to be a consensus about just being a faceless part of the crowd.