Monthly Archives: September 2013
In 2015, major tax provision changes will take place due to Obamacare. These changes will impact employers, pharmaceutical manufacturers and those in other health related industries. This blog will serve as a business tax guide to the key provisions of Obamacare. Health Insurance Tax Credit for Small Businesses: In 2015, a company with less than 25 full time employees that pays an average yearly wage of less than $50,000 will be offered a tax credit based on a percentage of the health insurance premiums it pays for its employees. Tax-exempt businesses will qualify for a lesser credit. A for-profit small … Click to Read More
A new analysis from the Tax Policy Center predicts that the number of households who aren’t paying any federal income tax has dropped. It seems fewer households are paying no federal income tax. The analysis further projects that this percentage will continue to decrease in the coming years due to the expiration of provisional tax cuts that were ratified during the Great Recession. The termination of these cuts means that incomes have slowly started to increase which, in turn, has meant an increase in tax bills. Most believe that this trend will continue, at least in the near future. This site … Click to Read More
Here are some easy and basic ways to lower your tax bill. These are both business and personal tax tips. Claiming Rents and Personal Housing Occasionally people rent out individual rooms in their house while living there themselves. While you can normally take a simple rent deduction when you have a renter, it becomes much more complicated than that when you own and live in a house where someone is renting a room. In this case, you can deduct home repairs and utilities (in addition to the 3.64% you can claim for depreciation). However, a key point to remember is … Click to Read More