Monthly Archives: January 2013
What Is 5 S?
ShareThe five S’s are five techniques used in efficient business processes. They were developed by the Japanese and are signified by five Japanese words which happen to start with S. Those Japanese words all happen to translate (or transliterate) into English … Continue reading
Is Social Security Income Taxable?
ShareThose individuals who receive social security income may find that income is partially taxable when the file their income tax returns. If you are single and your total “combined” income (an IRS term for adjusted gross income from your tax … Continue reading
Where Is My Refund?
ShareWith tax season “postponed” by 8 days by the IRS this year, some early filing taxpayers may be concerned about how long it will take to receive their refunds. The IRS will not begin processing tax returns this year until … Continue reading
Exchange Students
ShareIn our family we have hosted exchange students a number of times in the past. I strongly recommend doing so to anyone who has an interest. It can be a great experience for the entire family. It can also be … Continue reading
Office In Home Simplification
ShareThe IRS recently issued Revenue Procedure 2013-13. This new procedure for computing the office in home deduction (OIH) is intended to simplify the process. In some instances it does. For most people it will probably create a smaller office in … Continue reading
Extension for Farmers and Fishermen
ShareThe IRS announced on Friday that due to the extended processing time for many tax forms, that the deadline for any farmers and fishermen who were counting on the March first deadline for not having to make estimated tax payments … Continue reading
Retirement Plan Limits
ShareThe elective deferral (the contribution you make) for employees who participate in 401(k), 403(b), most 457 plans, and the government’s Thrift Savings plan is increased to $17,500 for 2013 from $17,000 for 2012. If you are age 50 or older, … Continue reading
Health Savings Accounts
ShareContributions to a Health Savings Account (HSA) are used to pay current of future medical expenses of the account owner, his or her spouse, and any qualified dependents. Medical expenses must not be reimbursable by insurance or other sources and … Continue reading
You might be a CPA if….
ShareWe thought it might be time for just a little more humor. These are an outgrowth of the Jeff Foxworthy you might be a redneck if… jokes. You might be a CPA if: You think there are 5 seasons in … Continue reading
The Alternative Minimum Tax
ShareThe Alternative Minimum Tax (AMT) has been “fixed”. Actually fixed would be repealed, but it now applies to individuals with incomes over $50,600 for single and $78,750 married filing jointly. These amounts are indexed for inflation for future years. This … Continue reading
