• 2014 Social Security Wage Base

    2014 Social Security wage base will increase by $3,300 to $117,000. The rate of 6.2% for social security remains the same and applies to both the employee and the employer. The rate of 1.45% for medicare remains the same and applies to both the employee and the employer and applies to the total wages (no limit). A…

  • Is 2014 PMI tax deductible?

    PMI is Private Mortgage Insurance.  It is a premium paid by the homeowner to lower the risk of the mortgage holder since equity % is below their requirement (generally 20% required). So, is PMI tax deductibe in 2014? MAYBE.  So many of the laws for the last couple of years have been unknown until December, and…

  • Partnership Basis when contributed property is sold

    Example……. Partner 1 contributed cash Partner 2 contributed stuff Both count toward their basis in the partnership. The stuff is valued at the Fair Market Value. That being said… Partner 2 has BASIS in the stuff contributed to the partnership BUT that basis may be less than the Fair Market Value. Nothing taxable yet. Example: You and…

  • HSA – Random IMPORTANT info

    Reimbursements may include Health Insurance while collecting unemployment. Disbursements not used for qualified medical expenses are taxable AND PENALIZED 20% Cannot be enrolled in Medicare Cannot be claimed as a dependent on someone else’s tax return. Your plan cannot allow for prescription drug coverage before deductible is met. […]Read More… from HSA – Random IMPORTANT…

  • 2014 SIMPLE IRA SET UP

    Who:  All employers interested in retirement plans (this is what we do) What:  Simple IRA’s When:  Can sign up until September 30, 2014 for new plans and fund later. Why:  Cause you are going to want to retire someday. It is never too early nor too late to start. How Much Can an Employee Contribute:  Up to $12,000 per employee…

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