Employee Benefits: How To Handle Them

Many companies offer a variety of employee benefits to their staff in order to keep them satisfied. The types of benefits include, but are not limited to, health insurance, retirement plans, vacation and sick leave. This Financial Guide provides an overview of the types of benefits that businesses provide for employees and what’s involved in offering them. What Is An …

7 Biggest Misconceptions Business Owners Have About Their Tax Returns

One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of the law is no excuse” …

Blockbuster Taxes

  Matthew Person, CPA David Huff, CPA, PFS, MS Todd Wilson, CPA Person CPA Group 3200 Lake Villa DriveMetairie, LA 70002 (504) 780-8299 Fax 1-800-799-1292 www.personhuffcpa.com Blockbuster Taxes Memorial Day came early this year, and that means we get more time with our summer whites! (Of course, summer doesn’t “officially” start until June 21, but who’s counting?) For millions of …

The Original Tax Shelter

 New York City is the indisputable hub of American capitalism. Its glittering streets are home to the worlds of finance, advertising, fashion, publishing, and even organized crime. The island of Manhattan is home to some of the richest people on the planet, and they own some of its priciest real estate in the world. You would think all those rich …

Social Security Wage Base Increases to $117,000 for 2014

The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2014 increases to $117,000 from $113,700, which was the wage base for 2013. The $3,300 increase, which is about 2.9%, is due to an increase in average total wages. The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and …

2015 Health Care Requirements for Small Business- “Obamacare”

AFFORDABLE CARE ACT   Obamacare requires a significant amount of new reporting and recording, as of 1/1/2015.  Here are some of the guidelines to which we would like to draw your attention.  This may apply to your company if 1.  you have fewer than 50 employees or 2.  you have fewer than 50 employees but are a member of an ownership …

New Health Laws Yield New Tax Forms- Part 3

If you were uninsured for all of, or part of, 2014, you may have to pay a penalty when you file your return.  There are many exemptions available for this penalty, such as a hardship exemption if you had high medical expenses.  There are also exemptions for brief lapses in coverage or if coverage would cost more than 8% of …

New Health Laws Yield New Tax Forms- Part 2

If you received subsidies in 2014 to reduce the cost of health care from the marketplace, you should receive Form 1095-A. Form 1095-A shows the tax credits the insurer received on your behalf.  You should receive this form by January 31. This document must be received in order to complete your 2014 tax return.  If you have not received it …

Business Car? Check out these 2 deductions!

If your car is used for business purposes, whether you are self-employed or an employee, you can get the benefit of tax deductions.   You have 2 choices for claiming deductions on a business car:   You can deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation.  Ã‚ Use the standard mileage …

A 5 Part Series on Business Plans: Part 5- Supporting Documents

Lenders will want to see documentation that supports all of your information.  There are many types of documents that can be included, but there are several that are considered to be the most common. Personal resumes  should be included for all owners and anyone in management. Each resume should be a one-page document that includes work history, educational background, special …