If you have any clients that are affected by the Defense of Marriage Act (DOMA) please be aware that the IRS now recognizes all same-sex marriages nationwide. If a same-sex couple is legally married in a state that recognizes same-sex marriage, the couple will be treated as married for all federal tax purposes. This is [...]
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), [...]
On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012, allowing the United States to avert the so-called "fiscal cliff," which would have triggered automatic tax increases and spending cuts. Among its provisions, the new law extends credits for the lower and middle class, raises taxes on top earners [...]
As if it is not enough to have to face the grief of losing a loved one, there are so many other administrative tasks set in motion by someones death that must be taken care of. From collecting the information needed to document the contents of the decedent's estate, all the way through to distribution [...]
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 [...]
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 [...]
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", [...]
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 [...]
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, [...]
JMF's CPA Kim Smith was featured in "The Selma Times-Journal" annual edition of "Women in Business" which includes 4 or 5 women throughout the county. Kim has brought a lot of positive attention to JMF through her above average, workable knowledge in business and also through her and her husband Ken's community and civic involvement. To [...]