fbpx

IRS Rules: .9% Additional Medicare Tax In 2013

With Obamacare kicking into to full speed here in 2013, last week I blogged about the 0% long-term capital gains tax. With so many different tax law changes happening, my fear is some tax-payers aren’t planning correctly and will get stung with an extra bill come tax time. For those individual filers who make more than $200,000 modified adjusted gross income (MAGI) and married couples making more than $250,000 MAGI, it is really important to understand how the additional .9% Medicare Tax will be collected here in 2013. Will your payroll company do this for you? Will you have to do it yourself? Is there a special form to fill out this year? Here it is straight from the IRS Website- BTW, this was about 46 different questions and answers, but I trimmed down the key items for you. (Source for all questions: www.irs.gov) When does Additional Medicare Tax start? Additional Medicare Tax applies to wages and compensation above a threshold amount re-ceived after December 31, 2012 and to self-employment…

The Home Office Deduction: Is This Really An IRS Red Flag?

During this time of tax season, we often find last minute filers asking questions about what deductions they can or cannot take based upon whether they think they’ll owe money or get a tax refund.   …

2010 Mileage Rates!

As each year changes, so do the deductions we can take every year as it relates to mileage with business, charitable, and medical mileage. I often find that people I …

Do You Pay Your Taxes By Credit Card?

Some business owners or people who pay estimated tax payments end up paying their federal income taxes with a credit card.
If you pay your income tax (including estimated tax payments) by credit …