 | | Lauri Paxton |
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Certified to Serve You Better
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NOT ALL RECEIPTS ARE DEDUCTIONS
If your receipts aren't adding up or you have questions on year end deductions, capital equipment purchases or need to get caught up on your bookkeeping for year-end, contact us at (724) 359-5022.
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It All Add$ Up March News
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In this month's issue of It ALL Add$ Up, find out why balancing your credit card statement is more important than ever and learn about the new rules regarding FSA accounts.
If you haven't finished your taxes yet, we are still accepting tax clients - both personal and small business. Don't delay; give us a call at 724-359-5022 to schedule an appointment.
We put the AX to your TAX worries!
Lauri
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BALANCING YOUR CREDIT CARD STATEMENT
 Credit card hacking is big business these days. It seems on a regular basis, Target and other retailers have had security breaches in their systems. You may have experienced a situation where you used a credit card and now your personal information may be in the hands of hackers. Regardless if it's an individual account or a business account, it's very important to check your statement each month for purchases. Particularly business accounts with multiple card users, receipts and expense reports should be reconciled. By doing this on a monthly basis, any discrepancies in regard to employee expenditures can be resolved. Read on to learn what to do if you find an unauthorized transaction and to learn about the new Smart Chip credit card technology that makes it harder for credit card hackers and fraudsters to steal. |
NEW RULES REGARDING FSA ACCOUNTS
 Millions of Americans take advantage of their employer's cafeteria plan that allows setting aside pre-tax dollars to be used to pay for qualified health care expenses. These pretax dollars are set aside for medical expenditures not covered by insurance. The problem with these plans has always been that if you do not use the funds in the account by the end of the year, they are forfeited.
If you participate in a Health FSA, there are very important changes you need to know. The maximum annual amount that can be set-aside in Health FSA's is now set at $2,500. Effective in 2013, employers can opt to change their Health FSA plans to allow up to $500 in unused funds to be carried over into the following year. If an employer opts to do this, they need to forgo any allowable grace period rules currently within their FSA plan.
Read on to learn about other important FSA information and to determine whether an FSA or HSA is the better option for you.
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ACCEPTING NEW TAX CLIENTS
 The April 15th tax deadline is fast approaching. Tax laws change quite frequently and as a certified tax preparer with years of experience, we pride ourselves in keeping up with those changes so our clients will receive the highest allowable benefit on their tax returns. Do you need your taxes done? Don't procrastinate. We are still accepting tax clients - both personal and small business. Give us a call at 724-359-5022 to schedule an appointment.
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I hope you find these tax tips helpful. If you have a topic you would like addressed, drop me a line.
Sincerely,
Lauri
Lauri Paxton
Paxton Bookkeeping and Tax Services |
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