Taking your Business and Personal Success to the Next Level
info@holland-cpas.com
630-841-9675
Dear Client, IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by 1¢ to 56.5¢ per mile for business travel after 2012. This rate can also be used by employers to reimburse tax-free under an accountable plan, employees who supply their own autos…
Dear Client, With year end approaching I would like to remind owners of S-Corporations who own more than 2% of their outstanding stock about issues relating to medical and dental premiums that the company has paid on their behalf and a related issue of reasonable wages for a S-Corporation owner who is active in the…
Dear Client, Investors face the prospect of a darker tax climate in 2013 for investment income and gains. Under current law, higher-income taxpayers will face a 3.8% surtax on their investment income and gains. Additionally, if the Bush tax cuts expire, all taxpayers will face higher taxes on investment income and gains, and the vast…
Dear Client: As the owner of a business, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized) and…
Dear Client, Business travel, a necessary evil at many companies, can be an expensive and time-consuming activity for both employer and employee. It also can create tax headaches for all concerned unless the rules are followed to the letter. If it’s done right, business travel will be fully deductible by the company (but only 50%…
Dear Client, A new Congressional Research Service (CRS) report examines the tax provisions currently set to expire at the end of the year and the budgetary costs and policy considerations associated with extending them. These include the so-called Bush tax cuts, the alternative minimum tax (AMT) patch, the payroll tax cut, and a host of…
Dear Client, While rollover financings can help aspiring entrepreneurs in the economic downturn, they must be carefully structured and comply with IRS filing and other legal requirements to avoid IRS challenge. Following the economic downturn, small businesses and aspiring entrepreneurs found it increasingly difficult to obtain conventional financing. Thus, it is not surprising that, in…
Dear Client, 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…
Dear Client, Attached are common questions and answers about the Net Income Investment Tax for 2013 that I thought you might find helpful. Sincerely, Dean R. Holland, CPA