I’ve heard numerous people suggest that itemizing deductions under the new tax law is no longer beneficial. For some that is true. For others however, strategies exist to help you keep more of your hard-earned money.
The IRS recently announced two new online services that will allow more convenient interaction and better access to information for taxpayers. The first service allows online payment of IRS balances including individual estimated payments and balance due with income tax returns. This new method supplements the “Official Payments” website and has the advantage of allowing payments from savings and checking accounts without any fees. The Official Payments website allows the use of credit and debit cards, however these payments require a nearly 3% convenience fee to process. At the current time the ability to schedule future payments doesn’t exist so if you wish to use the service for estimated payments you’ll need to remind yourself to pay before each individual due date.
Many of you are familiar by now with several of the provisions of the Affordable Care Act such as the healthcare exchanges and the potential penalties for lack of coverage. You probably also have heard the the penalty provision that applies to employers with over 50 employees has been delayed until 2015. But did you know that there is a new notice requirement for employers which still takes effect this October 1, 2013?
DougNew ObamaCare Requirements for Certain Employers
If you are an employer located in Pennsylvania or have PA residents as employees, a significant change to the local tax laws called Act 32 will affect you starting in 2012. The intent of this new law is to standardize the local earned income tax system across the various municipalities – a change which is welcomed by many employers and accountants. Unfortunately, as with many changes, some effort will be required to implement the new law correctly.
With three QuickBooks Professional Advisors in our firm, we can provide you and your business the expertise you need to accurately and efficiently account for your company’s transactions. We will assist you at whatever level you desire, from installing the program and designing the chart of accounts, to training you in the operations of the program and customizing the information that you receive from the reports.