2013 is quickly coming to an end. Make sure you're in shape for now for next year's tax changes. We've already seen some of the new tax regulations and proposed tax changes in the news. If you have any questions at all about your current tax situation, please ask us. In the meantime, here are a few important points that you should be considering and getting prepared for within in the next few months:
1. Health Care Reform Requirements
There is now a $2,500 limit on flexible spending arrangements. How does this effect you as an individual or as an employer?
2. New Rates and Your Business
The new 2013 tax increases for individuals may also effect your business entity. For instance, if you distribute your earnings as a C corporation, your tax rates will probably be higher. If you're running your business as an
S corporation, individuals will now be taxed a bit differently. Have questions, ask us!
3. Itemizing Your Deductions
You may want to consider bunching your deductions into a single year to coincide with some of the adjusted gross income minimums.
There are many more changes you should be aware of to get the most out of year-end tax preparations. Ask Penrose & Associates to explain those that relate to your particular situation.
1. Health Care Reform Requirements
There is now a $2,500 limit on flexible spending arrangements. How does this effect you as an individual or as an employer?
2. New Rates and Your Business
The new 2013 tax increases for individuals may also effect your business entity. For instance, if you distribute your earnings as a C corporation, your tax rates will probably be higher. If you're running your business as an
S corporation, individuals will now be taxed a bit differently. Have questions, ask us!
3. Itemizing Your Deductions
You may want to consider bunching your deductions into a single year to coincide with some of the adjusted gross income minimums.
There are many more changes you should be aware of to get the most out of year-end tax preparations. Ask Penrose & Associates to explain those that relate to your particular situation.