Now that the end of the year is approaching, be sure to contact the office for a tax planning appointment if you’ve encounted aany significant changes in your tax lives like a sudden increase in wealth or maybe even a loss. With rate changes coming up next year, it’s good to determine if income should be claimed in this year...
Tags: tax planning
Category: Taxes
Flexible spending accounts (FSAs) are popular with employees because they permit the use of pretax dollars for payment of medical expenses and dependent care costs. If you use an FSA, be aware that changes are scheduled beginning next year. As part of the health care reform law passed in 2010, there will be a dollar limit on the amount that...
Tags: Flexible Spending AccountsFSAs
Category: Taxes
SIMPLEs (Savings Incentive Match Plans for Employees) are available in two forms – SIMPLE IRAs and SIMPLE 401(k)s. SIMPLE plans are generally available only to small businesses that don’t maintain any other retirement plan. If your business has more than 100 employees, you won’t be eligible for a SIMPLE. Most businesses will find the IRA version preferable to the 401(k)...
Tags: retirementSIMPLE
Category: Taxes
Many sole proprietors and small business owners agree on the following two issues: they pay too much in taxes and they have difficulty attracting and retaining good employees. One way to address both of these issues is to have your business sponsor a retirement savings plan. If you’re self-employed or own a small business and don’t currently have a retirement...
Tags: retirementsimple plans
Category: Taxes
If the current job market has you thinking about starting a business of your own, take some steps to increase the odds that your business will succeed. * The first step is an honest self assessment. Common characteristics of a successful entrepreneur are the drive to achieve and the willingness to take risks. To succeed in business, you need good...
Tags: new business
Rhode Island has just announced a new Tax Amnesty program. Any person or business owing delinquent state taxes can pay them back free of penalties and civil and criminal prosecution — and RI will reduce the interest rate by 25 percent. The opportunity runs from September 2 through November 15. Call the office for more information
Tags: AmnestyRhode Island
Category: Taxes
The “Affordable Care Act of 2010” requires employers to report the cost of coverage under an employer-sponsored group health plan on the employee’s W-2 for 2012. The IRS is easing this requirement for small companies. Employers issuing fewer than 250 W-2s will not need to include the cost of health care on W-2s for 2012. For these employers, the 2012...
Tags: Affordable Care Act of 2010
Category: Taxes
We are accepting new engagements in the following areas: Peer Reviews and inspections, A133 and Governmental auditing, not for profit auditing, condo association and pension audits.
Tags: A133 auditsGovernment auditinginspectionsnot for profit auditingpeer reviewspenson audits
Category: Business