Six Ways to Try Before You Buy
Over the years, everyone has made purchases they regret. Perhaps it was a washing machine that made way too much noise or a DVD that didn’t live up to your expectations. Today, there are more ways than ever to try an item before you buy it. Doing so can save you a lot of time…
Why you may want to incur medical expenses before year end
Currently, if your eligible medical expenses exceed 7.5% of your adjusted gross income (AGI), you can deduct the excess amount. But in 2013, the 2010 health care act increases this "floor" to 10% for taxpayers under age 65. Eligible expenses can include health insurance premiums, medical and dental services and prescription drugs. Expenses that are…
Are You Sabotaging Your Retirement?
Everyone dreams of living a comfortable retirement, but many people fail to realize that the financial decisions you make today will have a significant effect on your future. Here are several ways you could be sabotaging your retirement without even knowing it: Not earning to your potential.The basics of retirement saving is simple – the…
We’re Hiring! – Audit and Tax Manager Positions
Do you want to be part of a first-class work environment? Look no further than Lewis & Knopf CPAs, P.C. Our firm is currently seeking a highly motivated, detailed individual for the positions of audit manager and tax manager. Excellent compensation and benefits package is offered. Individuals applying should aspire to grow in a focused…
New Tax on Unearned Income Starts in 2013
As part of the Patient Protection and Affordable Care Act (popularly known as the “health care reform law”), an additional 3.8% tax on unearned income will apply to certain individuals. Who’s Impacted by the 3.8% Unearned Income Tax? Starting in 2013, the new tax, technically known as the “unearned income Medicare contribution,” applies to the…
Start Planning for Tax Season Now
Late summer is the perfect time for last-minute tax planning. With four months until the end-of-the-year deadlines, follow these tips to help you prepare: Bulk up your retirement contributions. Max out your retirement savings by contributing the full 401(k) amount. For 2012, you can contribute up to $17,000 and for those 50 and older, the…
AICPA Raises Concerns with IRS Capitalization Rules
Recently the Internal Revenue Service proposed temporary regulations governing the deduction and capitalization of tangible property expenditures that would be unnecessarily complex and burdensome for many taxpayers. According to Patricia Thompson, chair of the Tax Executive Committee of the American Institute of CPAs, “the AICPA is concerned that the overall approach in the temporary regulations…
Simplify Your Budget with These Five Tips
Budgets can be a hassle. They’re complicated and often you spend more time categorizing your spending than making the actual transaction. Here are some strategies and tips to help make the budget planning process easier and more manageable: Forget perfection. A budget is a target, so don’t worry about being perfect. Make adjustments as needed…