Congress Passes Extender Package

Flag-&-Gavel-ThumbnailCongress has approved the Tax Increase Prevention Act of 2014.  This new law retroactively extends “tax extenders” which had expired at the end of 2013.  This allows taxpayers to claim the popular but temporary incentives on their 2014 returns which will be filed in 2015.  These incentives affect individual and business returns in the following areas: [Read more…]

Credit for Small Employer Health Insurance Premiums

Again for the 2011 tax year, the IRS is allowing up to a 35% tax credit to eligible small employers for health insurance premiums paid for employees.  Below is a general summary of who would qualify for this credit.  These are general requirements to let you know if you might possibly qualify and the specific requirements can be found in the attached instructions for Form 8941.

You are an eligible small employer for the tax year if you meet the following requirements: [Read more…]

Payroll Tax Cut – Temporarily Extended into 2012

President Obama today signed into law a two month extension of the payroll tax cut, which means that 160 million American workers will not see their paychecks shrink starting Jan 1, 2012. The President thanked Congress for ending the stalemate and urged them to keep working to reach an agreement [Read more…]