Author Archives: johngallo
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 Actually fixed would be repealed, but it now applies to individuals with incomes over $50,600 for single and $78,750 married filing jointly.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
New tax law info for Businesses
ShareA few tax law changes you should be aware of for businesses Bonus depreciation. The 50% bonus depreciation for new business property was extended through 2013 Section 179. The maximum Section 179 deduction for business equipment purchased was kept … Continue reading
Changes in new law for individuals
ShareHere are a few changes to the tax laws for 2013 which you should be aware of: The limit for deductible medical expenses has been increased to 10% of your adjusted gross income from 7.5%. It remains at 7.5% for … Continue reading
Foreign Account Tax Compliance
ShareIf you have bank accounts or other foreign financial assets there may be reporting requirements you are not aware of. There is a requirement called FBAR (Foreign Bank account report) which is due June 30 and applies if the total … Continue reading
When can returns be filed this year?
ShareThe IRS has sent out a notice that it will begin processing income tax returns and accepting electronically filed tax returns on January 30, 2013. This is 8 days later than the original plan. This delay was caused by the … Continue reading
Why I became a CPA
ShareWe thought it would be a good idea to inject some humor into these posts, so we are going to throw out a listing of several reasons someone might want to become a CPA 1. Nobody gets an Academy Award … Continue reading
