November 22, 2013
As we move closer to the end of the year, we wanted to remind you that beginning January 1, 2013, employers are responsible for withholding an additional 0.9% Medicare tax from an employee's wages and compensation paid over $200,000 in a calendar year. If you have employees who are subject to Medicare tax, now is a good time to review their 2013 year-to-date wages to see if they have already or will exceed the $200,000 threshold for this new tax and to make sure that you are withholding correctly.
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This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.