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It All Add$ Up January News
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Greetings!
Happy New Year!
This January Newsletter will keep you on your toes with Information on Employer Sponsored Health Plans, as well as, updated Tax information.
Our newsletter format has changed a bit, but we will continue to deliver informative content as it relates to your finances.
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Top Priorities for Employer Sponsored Health Plans in 2013
Healthcare is a major expense for employers. With rising costs and changes in tax laws, employers and employees alike are taking ownership of their health. Click here to read more about why it may be wise to shop your company's insurance program.
- Prepare for the health reform law's 2014 requirements.
- Evaluate the level of benefits provided.
- Determine if private health exchanges have a place in your health benefits strategy.
- Ramp up health management and wellness programs for long-term savings.
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TAX SEASON OPENS JANUARY 30TH FOR 1040 FILERS
The IRS announced due to the tax law changes made by Congress under the American Taxpayer  Relief Act (ATRA), the 2013 filing season to
begin processing individual income tax returns will start January 30, 2013. Paxton Bookkeeping and Tax Services clients are already scheduling their tax appointments.
Because of the need for more extensive form changes and processing systems, the IRS estimates the remaining households will be able to start filing late February or March. For those taxpayers requiring additional tax forms for such things as claiming residential energy credits, depreciation of property or general business credits, they will need to wait until closer to April 15th to file their taxes. These complex returns generally file close to the April 15th deadline or ask for an extension anyway. The best option for taxpayers is to file electronically. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit. For updated information, contact Paxton Bookkeeping and Tax Services or visit www.IRS.gov.
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WILL PAYROLL TAXES SPOIL THE TAX DEAL?
With the fiscal cliff behind us, many wonder what's in store now. For most, it will mean smaller paychecks and less money to spend jump starting the economy. Here are a few highlights:
- Employees will see smaller paychecks...
- A 0.9% Medicare surtax goes into effect in 2013...
- The estate and gift exemption increases and the tax rate jumps to 40%...
- Standard mileage deduction increases...
- Read more ...
More changes are sure to come from the IRS. If you are uncertain about various code changes, feel free to contact Paxton Bookkeeping and Tax Services.
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