AMT Changes

What is AMT?

The Alternative Minimum Tax (AMT) is a near flat tax rate imposed on individuals, corporations, estates, and trusts. Getting taxed under AMT usually requires fairly high income levels. The end result ensures that most high income earners have to pay some income tax. Although the AMT exemption amount is not adjusted to inflation, it is usually “patched” by congress at the end of each year with legislation.

Patching

The IRS is currently tentatively waiting for congress to pass the 2013 patch. A patch before year-end could be implemented with minimal delays to most taxpayers. A patch after year-end, according to IRS Commissioner Steven Miller, could have serious repercussions for tax payers. The IRS would have to instruct over 60 million taxpayers that they can’t file or process their tax return until system changes are done.

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What the Affordable Care Act means for your taxes….

Here at Loggins, we know that the Patient Protection and Affordable Care Act (PPACA or ObamaCare) has quite a bit of uncertainty surrounding it.   We are preparing as if the law will go into effect as written.  We’re writing this post because we want to help inform you with some of the basics of the law that we feel will affect the majority of people.  The points below just focus on the taxes in the Act, and even then, we’re only focusing on the taxes that we feel will affect the majority of our clients.  This post doesn’t deal with the health insurance costs or avenues that people can use to find insurance coverage.  For a more complete list of provisions in the act, take a look at this page from the IRS.

 

The Individual Mandate (more…)

Recent Developments – That May Affect Your Tax Situation

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. (more…)

New Georgia E-verify Requirement Starting Jan. 1

Starting on January 1, 2012, Georgia businesses with 500 or more employees will be required to use E-verify.  This site checks the status of workers to make sure that they are authorized to work in this country.

 

The schedule for the phase-in for using E-verify is: (more…)

Collect Form W-9 Now!

It is  extremely important to maintain Form W-9, Request for Taxpayer Identification Number and Certification, on all people you pay to perform services for your business.  This form enables you to correctly file necessary information returns (like 1099s) during the month of January each year.  Since January is right around the corner, (more…)