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.