Interested in Maximizing Your Deductions?
Maximizing your allowable deductions is key to minimizing your tax burden. Check out the JMF Guide to Maximizing Deductions.
55 tax breaks are set to expire Dec. 31
Tax breaks can come in the form of tax credits, tax deductions, and just tax-saving laws. At the end of this year (December 31), the congressional Joint Committee on Taxation say 55 of them are about to expire. For the record, there is still a chance for many to be extended. Check out Bankrate.com's Summary [...]
2013 Year End Tax Planning Letter
It is that time of year again. Our 2013 Year End Tax Planning letter is now available. This document is full of helpful information to help you take advantage of those last minute tax saving strategies and to help you avoid potential pitfalls. Please let your JMF Tax Professional know if we may be of [...]
Do You Treat Partners as Employees?
The Tax Advisor recently published an article about properly reporting partner compensation. Here is an excerpt from the Executive Summary of that article by Noel P. Brock, CPA. As partnerships increasingly offer equity interest to retain valued employees, these employees may be unaware of the employment tax consequences of receiving a partnership interest. Many partnerships [...]
AL Tax Credits for Donations – AL Accountability Act
The Alabama Accountability Act of 2013 signed into law earlier this year, provides Alabama state income tax credits for both: Families (individuals) with children at failing schools, that can be used to offset the cost of tuition to send their children to a qualifying private school (approximately $3,500 per year in tax credits per child), [...]
January – Get Organized for “Tax Time”
January – Get Organized for Tax Time 1) Set up a file (or box) for your 2012 taxes. Put a label on it and drop in your Form W-2 and 1099s as they come in the mail. 2) Open the envelope with your JMF organizer. Please use the organizer as a guide to make sure [...]
How tax changes in the new act may affect you
Are you still wondering how the new tax changes may affect you and your tax bill? We have linked our Federal Tax Watch alert which summarizes the provisions primarily affecting individuals, the provisions primarily affecting businesses, the new Healthcare taxes taking effect in 2013, and tax planning considerations. Also, if you are interested in more [...]
Doctors get Medicare payment break is Fiscal Cliff legislation
One of the many worries for doctors related to the new Health Care Act and the Fiscal Cliff was directly related to an almost 30% cut in premiums paid for Medicare services. The bill that passed will block, at least for the next year, a scheduled 27% cut in reimbursements for Medicare physicians. The "Doc Fix", [...]
Tax Summary of the Fiscal Cliff Bill known as American Taxpayer Relief Act of 2012
In case you missed it, the US Senate passed the American Taxpayer Relief Act of 2012 by a margin of 89-8, and the House approved the bill by a vote of 257–167 late yesterday evening (January 1st). It now goes to the White House for President Obama's signature. This was the Bill that averted to Fiscal [...]
Understanding the Fiscal Cliff
Prior to the election, JamisonMoneyFarmer CPA Rachel Taylor lead a discussion on the major "fiscal cliff" items like the expiration of particular tax cuts, shifts in alternative minimum tax, increased Medicare taxes, new spending cuts, tax extenders, and the expiration of payroll tax cut. Below is the Powerpoint deck. If you have any further questions, [...]