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How will the new Health Care Reform affect my business?

March 20, 2015 / / Comments Off on How will the new Health Care Reform affect my business?

The recent health care legislation of 2010 will impact your business. There are many complex rules and exceptions that you should be aware of:

  •  It does not require employers to provide health care coverage to employees but does include “Play or Pay” language.
  • It creates a Small Business Health Options Program (SHOP exchange) that smaller businesses can use to buy health insurance coverage.
  • For 2010 through 2013, there is a Small Employer Health Insurance Tax Credit (for businesses with 25 or fewer full-time employees) of up to 35% of the employers’ contribution towards employees’ coverage.
  • Larger employers (average of at least 50 full-time employees) that fail to provide adequate minimum essential health care coverage will be subject to a penalty.
  • Employers with more than 200 full-time employees will be required to automatically enroll employees in its health insurance plan.
  • Many employers providing coverage will be required to file information about their coverage with the IRS.
  • Health insurance costs must be reported on employees’ W-2 forms.
  • It imposes new restrictions on FSA’s, HRA’s, HSA’s and Archer MSA’s.

For more information about your eligibility for the Small Business Health Care Tax Credit visit the IRS.

How do I know if my contributions are deductible?

March 20, 2015 / / Comments Off on How do I know if my contributions are deductible?

How can I find out if an organization is tax-qualified? What are some examples of deductible contributions?

You can visit the NYS Charities Bureau to search for registered organizations.

Some examples of deductible contributions include:

  • Checks payable to qualified organization
  • Collection plate contributions substantiated by a charity
  • Credit card donations
  • Charity benefit events
  • Withholding from wages for charitable purposes
  • Donations of:
    • Stocks
    • Real estate
    • Motor vehicles, boats or planes
    • Household items and clothing
    • Business equipment
    • Books, electronics, appliances, and furniture

*Please note you should obtain a letter of receipt for any donation over $250 and there are specific rules to each deductible item listed above.

How do I fill out a W-4 form?

March 20, 2015 / / Comments Off on How do I fill out a W-4 form?

I’m starting a new job and I don’t know how to fill out the W-4 Form so they can deduct from my paycheck. How can I get help?

The W4 Form is used to determine how much federal income tax to withhold from the employee’s wages. The IRS has set up a Withholding Calculator to help ensure individuals do not have too much or too little income tax withheld from their pay.

Is my vehicle a deductible contribution?

March 20, 2015 / / Comments Off on Is my vehicle a deductible contribution?

A qualified vehicle is defined as a car/motor vehicle (used mainly on roads & highways), boats and airplanes.

If you donate a qualified vehicle to a qualified organization and your donation is worth more than $500, you can donate depending on the following scenarios:

  • If your vehicle is to be re-sold by a qualified organization, you can deduct the gross proceeds from the sale of the vehicle.
  • If your vehicle is to be used by a qualified organization to fulfill their charity work, you can deduct the vehicle’s fair market value on the date of the contribution. You can find your motor vehicle’s worth at Kelley Blue Book.

How can I find out what my used items are worth?

March 20, 2015 / / Comments Off on How can I find out what my used items are worth?

What are some typical itemized deductions that I can claim on my income tax return?

March 20, 2015 / / Comments Off on What are some typical itemized deductions that I can claim on my income tax return?

Some typical itemized deductions include:

  •  Mortgage and equity interest
  • State and local taxes
  • Charitable contributions
  • Real estate taxes
  • Un-reimbursed medical and dental expenses
  • Casualty and theft losses (e.g. fire, hurricane, tornado)
  • Un-reimbursed job expenses (e.g. job travel, union dues, job education, etc.)
  • Gambling losses (to the extent of the gambling income)
  • IRA custodial fees
  • Investment counsel and advisory fees

*Please note: There are limitations on many of these deductions.

How can I check on the status of my tax refund?

March 20, 2015 / / Comments Off on How can I check on the status of my tax refund?

Visit these websites to check the status of your state or federal tax refund. This information is typically available 2 – 3 weeks after you file by mail, or 72 hours after you file electronically:

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