2014 Client Organizer
The attached client organizer is designed to help you gather tax information needed to prepare your 2013 personal income tax return. Click on the link below to access the client organizer.
Tax
Are Your Social Security Benefits Taxable?
Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, we can help you determine if some – or all – of your benefits are taxable. Here are five tips about how Social Security affects your taxes:
1. If you receive these benefits in 2014, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount.
2. If Social Security was your only source of income in 2014, your benefits may not be taxable. You also may not need to file a federal income tax return next spring. Read more
Small Business and the Affordable Care Act
Whether you’re self-employed or run a small business, here’s a quick look at what you need to know about the Affordable Care Act.
Self-Employed
If you run an income-generating business with no employees, then you’re considered self-employed. You can get coverage through the Healthcare Marketplace and use it to find coverage that fits your needs.
Note: You are still considered self-employed even if you hire independent contractors to do work for you.
If you currently have individual insurance–a plan you bought yourself and not the kind you get through an employer–you may be able to change to a Marketplace plan.
Note: You can’t be denied coverage or charged more because you have a pre-existing health condition.
Small Businesses (50 or Fewer Employees)
If you have 50 or fewer full-time equivalent (FTE) employees (generally, workers whose income you report on a W-2 at the end of the year) you are considered a small business under the health care law.
As a small business, you may get insurance for yourself and your employees through the SHOP (Small Business Health Options Programs) Marketplace. This applies to non-profit organizations as well.
Note: Beginning in 2016, the SHOP Marketplace will be open to employers with 100 or fewer FTEs.
As an employer, you must provide notification to your employees of coverage options available through the Marketplace and are required to provide this notice to all current employees and to each new employee regardless of plan enrollment status or full or part-time employment. The Department of Labor has sample notices that employers can use to comply with this regulation. One notice is for employers who do not offer a health care plan and the second for employers who offer a health care plan.
If you have fewer than 25 employees, you may qualify for the Small Business Tax Credit (see next section). Non-profit organizations may be eligible for the tax credit as well. Read more
Retirement Contributions Limits Announced for 2015
The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2015.
In general, many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged for 2015. Here are the highlights:
Standard Mileage Rates Issued for 2015
The Internal Revenue Service on Wednesday, December 10th, issued the standard mileage rates for business use of an automobile, and for driving for medical or moving purposes, for 2015. The business use rate will go up from the 2014 rates, while the medical and moving rate is going down.
For business use of a car, van, pickup truck, or panel truck, the 2015 rate will be 57.5 cents per mile, slightly higher than the 56 cents per mile rate that applies for 2014. Driving for medical or moving purposes may be deducted at 23 cents per mile, which is one-half cent lower than for 2014.
The rate for service to a charitable organization is unchanged, set by statute (Sec. 170(i)) at 14 cents a mile.