Business Deduction for Medicare Insurance Premiums

By |2022-08-18T08:46:52-04:00February 25th, 2013|Accounting and Auditing|

Self-employed individuals, including qualifying sole proprietors, partners, and more-than-2% S corporation shareholder-employees, can deduct premiums paid for qualified health insurance (within limits) in computing their adjusted gross incomes (AGI).   There had been some confusion concerning whether certain Medicare premiums counted for this rule. Recent IRS guidance indicates that premiums for all parts of Medicare [...]

Filing Status Implications

By |2022-08-18T08:46:53-04:00February 18th, 2013|Accounting and Auditing, Uncategorized|

For married taxpayers, the implications of filing a joint or separate return extend beyond tax rates and the standard deduction. Like many aspects of income taxation, there is usually more than one approach to finding the optimal solution. We have listed some of the more common implications of filing either a joint or separate return. [...]

Tax Calendar

By |2022-08-18T08:46:54-04:00February 15th, 2013|Accounting and Auditing|

January 15—Individual taxpayers’ final 2012 estimated tax payment is due unless Form 1040 is filed by January 31, 2013, and any tax due is paid with the return.   January 31—Most employers must file Form 941 (Employer’s Quarterly Federal Tax Return) to report Medicare, social security, and income taxes withheld in the fourth quarter of [...]

Deducting Home Mortgage Interest

By |2022-08-18T08:46:54-04:00February 4th, 2013|Accounting and Auditing|

The political debate on federal tax reform touches many topics, including the tax deduction for interest on home mortgage loans. At the time of publication, there was no way to determine if this deduction will continue or at what level, but we thought it would be a good time to review current federal law on [...]

Go to Top