Wesley Snipes in Blade 2
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Wesley Snipes, famous for his role as Blade, the half human, half vampire Daywalker was sentenced to three years in prison for not paying his taxes. Although most people won't go to prison for not filing their taxes, Mr. Snipes owed $2.7 million and the IRS got a little testy about that. For more information on that story, click the link below.
One note, once you get to the site, you'll have to scroll down to read the story. Instead of being on my regular site, it's on a different one called Merchant Circle. Sorry about that. |
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Thanks for reading this month's edition of Taxing Times. So you must be wondering, vampires? What could that possibly have to do with taxes? (No bad jokes about IRS agents, most of them are very nice people with families who love them.) It just seems like vampires are everywhere this summer: books, TV and the movies. Somehow they managed to creep into my newsletter too. So, just out of curiosity, who is your favorite vampire? And, can you guess mine? |
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Healthcare Scare
I had to go to the doctor last month for my check up. When it was time for my blood test, she told me to go sit in the "Vampire Chair." I confess, I looked over my shoulder three times after that.
To be honest, my doctor's really nice and her staff never bite, but there was an email going around about healthcare that was pretty scary, even it it didn't have vampires. A few people have asked me about it so I thought I should get the facts out. The email sounds very convincing, but the information is wrong.
If you haven't seen the email, here's an excerpt:
"Starting in 2011 (next year folks) your W 2 tax form sent by your employer Will be increased to show the value of what ever health insurance you are Given by the company. It does not matter if that's a private concern or Governmental body of some sort. If you're retired ? So what; your gross Will go up by the amount of insurance you get.
The dollar value (cost of what the company pays for your insurance) will be considered income and added to your gross pay. You will be taxed on the total."
Back to Jan talking again--
This is what you need to know: In 2011, your W2 will show the value of your health insurance and you will not be taxed on it. They've been doing this in Massachusetts already. (I prepare Massachusetts tax returns, it's no big deal. There's just another box on the W2 that shows the value of your health insurance your income is not grossed up.)
 What about the 40% extra tax on "Cadillac Health plans" that you may have heard about? Some people have asked me about this because they have really good health plans through their jobs. First, that tax won't kick in until 2018. Second: good insurance and "Cadillac plans" are not the same thing, so most people shouldn't be too concerned. The threshhold for taxing this benefit is on health insurance that costs over $27,500 per year. (The national average is currently $13,400 for a family plan.) So let's say your company provided you with health insurance that costs $29,500? That's $2,000 over the threshhold. According the the new law-- 40% of the additional $2,000 is taxed, which amounts to $800. Under the new rules, you don't pay the 40% tax, the insurance company does. (Okay reality check-- we know how that works, you won't pay the $800 on your taxes, but somehow you will wind up paying it anyway.) But, given current health insurance rates and inflation, it's estimated that only 10% of the population could be affected. My best guess is that we can expect to see insurance companyies making some changes in those types of insurance plans that would keep the cost below the threshhold to avoid taxes once it kicks in. Remember, the Cadillac tax, if it were to affect you, won't kick in until 2018. To find out more information about the healthcare email: check out FactCheck.org. Here's a link: |
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Shameless Self Promotion
 Okay, so in order to bring the company into the 21st century, we're on Facebook. If you're a Facebook user (or just curious) check out the new Roberg Tax Solutions Fan Page and be sure to "like" me.
Okay, we're tax preparers, not rock stars, so the idea of a "Fan Page" seems a bit ridiculous. On the other hand, I'm told that all businesses use Facebook these days and that if I'm going to succeed, I need to join the bandwagon. I've also got a little bet going with the CPA down the hall from me. If I get more fans than he does beforeSeptember 15th he has to buy me lunch.
I'll try to do my part and keep it interesting and if I don't hold up my end of the bargain, you can unfriend me in Septmeber after I've had a decent meal. Thanks.
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Small Business Corner
Angel the vampire owned his own business. |
Keeping the vampire thing going: Angel, the vampire with a soul, was a small business owner in Los Angeles. He headed his own private investigation firm. When the bad guys couldn't kill him off (Angel is a good guy vampire), in season three they decided they'd get him with the tax code. Seems vampires don't have social security numbers and have a hard time filing tax returns.
That plot line was so lame it was dropped before the end of the episode and the bad guys decided to ressurect his dead ex-wife instead. (Okay, that's got to be scary!)
The rest of us don't have the luxury of the government just forgeting about us. In addition to filing your tax returns, corporations and not for profits must file annual reports with the state. If you are doing business under a ficticious name, you must renew that registration every 5 years.
Did you know that 39 occupations in Missouri require licensing? And of course, many munincipalities have license fees too. Sometimes its difficult to keep up with the minor housekeeping duties concerning small business, but don't ignoring letters for state and municipal authorities can cost you more than you bargained for. |
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Thanks for taking the time to read Taxing Times. Figure out my favorite vampire yet? Who else could it be, but Count Von Count from Sesame Street!
Count Von Count from Sesame Street |
Sincerely,
Jan Roberg
Roberg Tax Solutions
(314) 275-9160 |
| Here's that fine print about how the information provided in this newsletter should not be used for income tax evasion. (Mr. Snipes is not a role model.) Also, be sure to consult your personal tax advisor (hopefully me) about how these tax issues affect you. Finally, any information in this letter or provided in links to this letter about how to destroy vampires is fictional and should not be relied upon in the event you meet a real vampire. And one final thing, I don't believe in vampires I'm just having a little fun. |
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