Corporate Returns         

Pension Plan Limitations -

2013Traditional and Roth IRA's under 50 $5,500; 50 or over $6,500.00

SEP IRAs (employee's) 25% of wages up to $52,000.00
SEP IRA (self employed) 20% of net SE income after 1/2 SE tax Deductions up to $52,000.00 

SIMPLE IRA Under 50 elective deferrals up to $12,500; age 50 and over elective deferrals up to $14,500.00 401K plans and SARESEPs 
under 50 elective deferrals  up to $18,000.00; 50 and over elective deferrals up to $24,000.00

 

Extensions of 2014 tax laws for 2015 all have been extended
Lawmakers in December extended a number of popular tax breaks that people can take on their 2014 returns. Among them:

 -If you are 70 1/2 or older. You could have donated up to $100,000 directly from your IRA to a charity in 2014 without paying income tax on the distribution.

-Taxpayers can choose to deduct either state and local sales taxes or state and local income taxes — a boon to those living in states without an income tax.

-Up to $4,000 in college tuition and fees from 2015 can be deducted for those within certain income limits.  

-Sales tax deduction has re-reemerged  

-Filers can deduct up to $2 million of mortgage debt forgiveness by a lender on a principal residence in 2014. Forgiven debt is generally taxed as income.

-So how long will it take to collect your tax refund? IRS officials say most electronic refunds will be processed and issued within three weeks. It's been my experience that electronic tax refunds can take anywhere from within 10 days to 20 days!! Paper returns that typically take up to six weeks could now take seven weeks due to budget cuts and reduced staffing.

For more information on the Affordable Care Act and taxes, visit healthcare.gov or irs.gov

 

-Estate and gift tax  -Estate and gift tax exclusion - The exclusion for both estates and gift taxes is $5,120,000.00 for 2012. Tax rate is 35%  for 2009 through 2012. Annual Exclusion for the gift tax is $14,000 for 2009 through 2013 1041 US Income Tax Returns for estates and trusts must file by April 15, or an extension, Form 4868 allows the tax form extended for 6 months. Can be e-filed.

-Filing requirements; Estates: Gross income of $600.00 or more for the tax year, or, a non resident alien beneficiary-Trusts: Any taxable income , gross income of $600.00 or more, or, a nonresident alien beneficiary-Filing Deadlines:  15th day of the  month after the close of the tax calendar year of 2012 = April 15, 2013

-709 Filing Instructions; file form 709 if the taxpayer gave any of the following; Gifts to anyone other than a spouse or charity. More than $14,000.00 to one donee, or, a future interest of any value. Report all gifts to a donee who received more than $14,000.00. Do not report any who received $14,000.00 or less. Report all gifts of future interest. Remember that the gift tax is taxed to the donee NOT the recipient of the gift. There is also a generation skipping tax transfer tax exemptions and rates 2013 year 5,250,000.00 the tax rate 35%.

-990 Exempt Organizations; An organization that qualifies for exempt status under the Internal Revenue code must also continually meet the following requirements. 1 - Serve some Type of common good. 2 not be for profit entity. 3 Not have any earnings that benefit the members  of the organization. 4 - Not exert political influence.

Wills and Planning; It's a hard subject to talk about but I can help get your affairs in order via a will that will capture all your wishes. I can also assist in the preparation of a living will. Reasonable rates

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