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…]

Beyond the Fiscal Cliff — Tax Seminar in Fayetteville, GA

Ben TeachingWe are pleased to announce a seminar entitled “Beyond the Fiscal Cliff” presented by Ben Loggins, CPA, open to the public regarding the new tax laws that were recently passed by Congress.

This seminar will be held on Thursday, January 17, 2013 from 7:00 – 8:30pm at Grace Christian Academy in Fayetteville.  Refreshments will be served.  Grace Christian Academy is located at 355 McDonough Rd in Fayetteville.

There will be a nominal $10 per person charge to reserve your spot with all net proceeds donated to the school.

Please contact Pam at our office at 770-478-7424 to reserve your spot.

Seminar Topics include:

  • The new Healthcare regulations on Medicare surtax
  • How to avoid the Individual Mandate Penalty
  • Employer Mandate strategies
  • A Discussion of the Affordable Care Act
  • Extenders Bill
  • 2013 Planning Strategies
  • Ideas to implement to lower your total tax liability
  • How to redirect your tax dollars to help Grace

If you are unable to make this seminar, it will also be presented in Jonesboro on January 10th from 8:00 – 10:00am.

Beyond the Fiscal Cliff — Tax Seminar in Jonesboro, GA

Ben TeachingWe are pleased to announce a seminar entitled “Beyond the Fiscal Cliff” presented by Ben Loggins, CPA, open to the public regarding the new tax laws that were recently passed by Congress.

This seminar will be held on Thursday, January 10, 2013 from 8:00 to 10:00am at Arts Clayton in Jonesboro.  Refreshments will be served. Arts Clayton is located at 136 S. Main St. in Jonesboro.

There will be a nominal $10 per person charge to reserve your spot with all net proceeds donated to Arts Clayton.

Please contact Pam at our office at 770-478-7424 to reserve your spot.

Seminar Topics include:

  • The new Healthcare regulations on Medicare surtax
  • How to avoid the Individual Mandate Penalty
  • Employer Mandate strategies
  • A Discussion of the Affordable Care Act
  • Extenders Bill
  • 2013 Planning Strategies
  • Ideas to implement to lower your total tax liability
  • How to redirect your state tax dollars to help private schools in Georgia.

If you are unable to make this seminar, we’ll be presenting it again in Fayetteville on January 17th from 7:00 to 8:30pm.

Plan Now to Get Full Benefit of Saver’s Credit

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Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead, according to the Internal Revenue Service.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

Eligible workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2012 tax return. People have until April 15, 2013, to set up a new individual retirement arrangement or add money to an existing IRA and still get credit for 2012. However, elective deferrals (contributions) must be made by the end of the year to a 401(k) plan or similar workplace program, such as a 403(b) plan for employees of public schools and certain tax-exempt organizations, a governmental 457 plan for state or local government employees, and the Thrift Savings Plan for federal employees. Employees who are unable to set aside money for this year may want to schedule their 2013 contributions soon so their employer can begin withholding them in January.

[Read more…]

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 [Read more…]

Attention employers! Medicare withholding tax going up (maybe)….

Don’tcha just love the uncertainty in the title?  Here you are, trying to grow your business and you need to worry about a .9% payroll tax that may or may not happen just 6 months from now.

Use this article as a heads up — this may be coming down the road in 2013, and so you need to be aware of the additional 0.9% Medicare tax that is scheduled to go into effect in 2013.

(I love how they make it 0.9%  It reminds me of a car salesman trying to sell you a car for under $50K when the price tag is $49,999.) [Read more…]

Child Tax Credit – 11 Key Points

Parents, guardians and other taxpayers who are eligible to claim a child as a dependent on their tax return may also be eligible for a federal tax credit of up to $1,000 per child.  The Child Tax Credit is one of serveral tax-related benefits for families and children.  Remember that a tax credit is different (and in most cases better) than a deduction.  The Child Tax Credit is available to “eligible taxpayers” with “qualifying children” under age 17.  Be aware that there are additional criteria and not all dependents will qualify.

Amount
With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under age 17.

Qualification
A qualifying child for this credit is someone who meets the qualifying criteria of seven tests: age, relationship, support, dependent, joint return, citizenship and residence.

Age Test:  To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2011.

Relationship Test:  To claim a child for purposes of the Child Tax Credit, the child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes [Read 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. [Read more…]

Education Credits Available

There are some tax credits to keep in mind if you are paying for college tuition:

 

Take a look at our recent blog post on this, and give us a call if you have any questions!

 

 

 

Last Minute Tax Saving Moves for Corporations

Here are some last minute ideas for corporations to save taxes for 2011.

 

–Make sure that you avoid penalties by paying enough in estimated tax this year.  You can avoid being penalized for underpaying your 2011 tax if you pay 100% of the 2010 tax liability in estimates for 2011.  Otherwise, the IRS goes by 100% of the 2011 tax.  This 100%-of-last-year’s-tax only works if your tax return showed a tax liability for the previous year. [Read more…]