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  Tax Tip of the Week

Week of February 6, 2012
Depreciation update for 2012


If you bought business assets in the past few years, you probably noticed more than one change to the immediate expensing depreciation rules. While the trend has been toward higher deductions, opportunities for writing off the cost of assets under federal rules presently in effect for 2012 are less generous. Here are the new limits...

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  Financial Tip of the Month

February 2012
What you need to know about life cycle funds

"Like the college student who refuses to consider his impending entry into the labor market, many Americans take a head-in-the-sand approach when it comes to retirement planning. They don't contribute enough to 401(k) plans, and they don't periodically rebalance their investments to protect contributions and generate a reasonable rate of return...

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  Tax Alerts

03/27/2010

Higher Medicare taxes on high-income taxpayers in the 2010 health reform legislation

02/19/2009

The 2009 Stimulus -- Business Incentives

02/19/2009

The 2009 Stimulus -- Individual Incentives

12/03/2008

2008 Year End Tax Planning Guide
» TIPS ARCHIVE

Health Reform

Health Care Reform
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.
Click here

Individuals

Individuals
For more information on the key tax changes affecting individuals in the recently enacted health reform legislation...
Click here

High-Income

High-Income
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.
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  Welcome to HRRCPA.com

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

 
 
The Kiplinger Tax Letter lists 12 red flags the IRS looks for when making its audit selections. It includes making too much money, large charitable deductions, home office deductions, and more. Read more audit triggers here: http://www.kiplinger.com/features/archives/12-audit-red-flags-the-irs-looks-for.html

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.

PRINT MEDIA

01/07/2011 Paula Rummell, Senior Tax Manager for Horovitz, Rudoy & Roteman, discusses the recent payroll tax cuts with Joe Napsha of the Pittsburgh Tribune-Review.
12/28/2010 Paul Rudoy, HRR's Office Managing Partner, speaks with the Associated Press about reducing your 2010 tax bill.
12/26/2010 Horovitz, Rudoy & Roteman LLC Partner, Marc Levine shares TAX TIPS with Thomas Olson of the Pittsburgh Tribune Review.
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TELEVISION MEDIA

12/10/2010 HRR Donates $1,000 to The Salvation Army's Project Bundle-Up - 2010
02/27/2009 WPXI-TV - Paul Rudoy Appears on "Impact" Public Affairs Program
12/23/2008 WTAE-TV - Paula Rummell on how End Of Year Tax Breaks Could Pay Off Come April
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ONLINE MEDIA

11/17/2010 Smart Business Pittsburgh discusses creating a mentoring program with Horovitz, Rudoy & Roteman’s Managing Partner, Paul Rudoy.
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INDUSTRY-SPECIFIC MEDIA

03/26/2009 Standard Federal Tax Reports Quotes Paul Rudoy
01/15/2009 Federal Tax Weekly - Paul Rudoy Quoted
01/22/2008 Western Pennsylvania Hospital News - 4 Reasons to File an Amended Return
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  Business Tip of the Month

February 2012
How to be "audit ready"

No one likes to see a policeman's flashing lights in the rearview mirror, and no one likes to receive a phone call or letter from the dreaded auditor. But if you operate a business or your organization receives federal or state grants, at some point you may find auditors making that contact. And while it's true that only a small percentage of individual taxpayers suffer through an IRS audit in any given year, it makes sense to be prepared—just in case. One key to being ready is knowing how auditors think...

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  Latest News

12/29/2011

Office Managing Partner, Paul Rudoy, discusses yearend tax planning tips with Pittsburgh Tribune Review’s Kim Leonard.

12/13/2011

HR&R presented a check for $1,000 to the Salvation Army's Project Bundle-Up Telethon

11/04/2011

Paul Rudoy discussed Pennsylvania’s plan to collect internet purchases sales tax with the Tribune Review

10/31/2011

John Lytle, CPA joins the nonprofit niche team in Horovitz, Rudoy & Roteman LLC’s Accounting and Auditing Department
» NEWS ARCHIVE
  Fraud Alert

February 2012
Security is vital for your electronic mobile devices

Linger awhile at any subway terminal, airport, college classroom, or business and you're sure to spy a wide variety of electronic gadgets perched on people's laps or glued to their ears. Smart phones, tablets, and other types of mobile computing devices are becoming ubiquitous. The increasing use of such devices to surf the Internet, contact friends, conduct business, and store vast amounts of personal data make them a tempting target for thieves. Whether a crook walks off with your mislaid iPad or breaks into your mobile device via a bogus application or "app," the results are potentially devastating. Bank accounts may be compromised, confidential business data divulged, or reputations ruined...

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