Week of May 14, 2012 Debt or equity? What's the tax difference?
Here's a capital idea: Make sure your C corporation is properly capitalized. In addition to legal issues, the amount you have invested in your company can play a role in determining how future loans are treated for tax purposes. For example...
May 2012 Don't let emotions drive your investment decisions
Remember August 8, 2011? That's the day the Dow Jones Industrial Average fell more than 600 points after the first-ever Standard & Poor's downgrade of U.S. debt. The Dow's one-day drop was its biggest point loss in a single day since December 1, 2008, and the sixth biggest point drop in its history. On that day the Dow closed down 634 points (5.6%) to 10,810. That single day's decline in stock values wiped out about $2.3 trillion in investor wealth in the U.S. What happened to investors who panicked and sold their stocks or stock mutual funds that day? By letting emotions control their investing decisions, they locked in their losses...
For more information about Health Care Reform as it will affect you as a Small Business, Individual, or High Income Tax Payer, please see the appropriate tabs to the right.
Small Business
Small Business
For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business has. Here is an overview of the provisions in the new law with the biggest impact on small business.
Unfortunately, high-income taxpayers will be hit with two big tax hikes under the recently enacted health overhaul legislation: a tax increase on wages and a new levy on investments.
The perfect fit is our promise at HR&R. We’re organized to serve as comprehensive advisors to individuals and businesses of all sizes. We begin with the pieces of the puzzle you have at your disposal and add the pieces we have, creating a complete picture of where you’re looking to go tomorrow.
NEW FOR 2011
Pennsylvania is requiring you to report the amount of Use Tax you have not paid in 2011 with your Pennsylvania Individual Income Tax Return. If you have records of purchases where you are subject to Use Tax, please send that information in with your tax information. If you are confident you did not have any purchases in 2011 subject to Use Tax, please let us know that.
If you are not aware of the amount, Pennsylvania offers a table to use based on your taxable income. This table is for purchases of less than $1,000 only. The amounts on the table run from $6 to $94 depending on your income and which County you live in. Examples of items subject to Use tax are... READ MORE
For all of the latest in accounting and tax news, updates, and reminders follow HRR_LLC
HSA limits are increasing slightly for 2013. Starting with the maximum – increasing to $6,450 for family coverage and 3,250 for self coverage. Note that those born before 1959 have an additional $1,000 to their ceiling. Out-of-pocket expense limits will rise to $12,500 and $6,250 for those with family coverage and individual coverage respectively. Out-of-pocket expenses includes deductibles and copayments. Lastly, minimum policy deductibles are going up to $2,500 and $1,250 for families and singles respectively.
Horovitz, Rudoy & Roteman In the News!
At HR&R, our experts are proud to offer their expertise and opinions on a variety of matters to the local, regional and national media. We've compiled some of our more recent media for our home page visitors to take a look at and enjoy below.
If you have any questions about the topics covered below or if you want one of our experts to speak to you, please don't hesitate to give us a call or drop us an email. We look forward to hearing from you.
May 2012 What to consider in choosing a successor for your business
Studies show that only 30% of family businesses survive the transition from the founder's generation to the next generation. Of the companies that weather such transitions, less than half successfully transfer the business to a third generation. Such statistics demonstrate the importance of succession planning, a task that can be especially difficult for small businesses. Ownership and management of such firms are often vested in the same person or small family group, so identifying and grooming those who will lead the company forward is critical and fraught with risk...
Most car dealerships aren't trying to rip you off. But some, let's face it, are on the prowl for victims. Even reputable dealers sometimes stretch the truth or misrepresent products when desperate to make a sale. So if you're considering an automobile purchase, remember the age-old maxim: Buyer beware. Here are some schemes to watch out for...
