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Tax Tips Newsletter
Serving you since 1993
March 2014 - Vol 9, Issue 3
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Greetings!
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We are busily working on tax returns. If you have not gotten your information into us, the deadline to insure that your individual tax returns are done on time was last Monday, March 10. However, we try our best to get as much done as possible, so please get us your information and we will make every effort to get your returns done on time. If you are only waiting for a couple of pieces of information it's better to get your documents in so we can start working on them.

We still are receiving personal information including bank information and Social Security Numbers by e-mail. Please upload your secure to my dropbox at https://dropbox.hightail.com/LindaHeineman947450. You do not need to put a password on your documents if you upload them to my dropbox. The site is secure.

Many thanks for your referrals. I appreciate your confidence in my staff and me.

Doctor
On February 10, 2014, the Treasury Department issued rules that will allow mid-sized businesses to delay for one year the requirement to provide health insurance for their workers. The rules also offered some relief for larger companies.

Businesses with 50 to 99 employees will now have until January 1, 2016, to provide minimum, affordable health insurance to their employees, or face penalties. Previously, the deadline for meeting this requirement was January 1, 2015.

In order to qualify for this extension, employers must certify that they have not laid off employees in order to come under the 100 employee threshold.

Larger employers - those with 100 or more full-time employees - will be allowed to phase in the required health insurance coverage. These companies won't owe a penalty under the insurance mandate so long as they offer coverage to at least 70% of their full-time employees by January 1, 2015, and at least 95% by 2016.
50s and 100s
If you're receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details.

* You may purchase up to $5,000 in U.S. Series I savings bonds.

* The total amount of bonds you purchase must be a multiple of $50. Any refund over the specified bond purchase amount can be deposited in your bank savings account, or you can request a check by mail.

* Bonds will be issued in your name. If you're married and file a joint return, the bonds will be issued in the names of both spouses.

* The bonds will be sent to you by mail.

* You select this option when filing your 2013 return by using Form 8888, "Direct Deposit of Refund to More Than One Account."

* Form 8888 gives instructions on selecting this option and specifying the amount of refund you want to use to buy savings bonds.

For additional information about Series I savings bonds, go to www.treasurydirect.gov.
Tax Tip of the Week: At the end of 2013, the IRS published guidance to help you know whether to depreciate the cost of a business asset over time or expense it currently. Read this article for information and call me with any questions.

Business Tip of the Month: Are you planning to close your business? Whether for a lack of business or lack of drive to continue, there are steps that you need to take to dissolve the entity. Read this article for some helpful tips.

Financial Tip of the Month: Are you thinking of taking out a "reverse mortgage" on your home? There are many versions out in the market place so be sure to know what you are getting. This article will give you some helpful tips to consider before signing on the dotted line.

Fraud Alert: We've all heard of buying prescription drugs out of the country at significantly reduced prices. Buyers beware!! There are a lot of counterfeit drugs being sold in the foreign market which could prove deadly. This article contains information that you need to know should you decide to continue to buy outside of the US.
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Sincerely,
Linda Heineman
Linda L. Heineman, CPA

phone: 626-577-0979