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 …
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 …
As if tax forms were not already complicated, now you have to throw in the new healthcare laws. On your 2014 tax form you will have to indicate if you had healthcare for the full year. But that’s not all there is to do! You will be receiving forms in the mail in January and you will have to calculate …
Matthew Person, CPA Todd Wilson, CPA Person CPA Group 3200 Lake Villa DriveMetairie, LA 70002(504) 780-8299 Fax 1-800-799-1292www.personhuffcpa.com  New York Yankee shortstop and future Hall-of-Famer Derek Jeter has played his last Major League Baseball game. In his last game,he chopped a single to third in the third inning to drive in a run, then took himself out for good. That final …
Are you in âہ“shock†over your business’s cash flow? Are you wondering,âہ“What do I do with too much cash?†or âہ“How do I make MORE money?†Experienced professional accountants can help you overcome the shock! In a medical situation, treating for shock includes the lifesaving steps of providing food, rest and encouraging words.In business,shock treatment includes analyzing gross profit margins. You must …
Once you have the “tax bleeding“ under control, take action and protect the wound. “Protecting the wound” in business involves looking at the cash balance in your company’s checking account. Cash is the lifeblood of a company!  Just as the human body requires a certain amount of blood for proper functioning, your business needs a certain amount of cash to …
Ok, you’ve stopped the bleeding from high overhead cost. So why are you still hemorrhaging cash? It could be due to TAXES.  The typical business pays most of these taxes: Income Tax (highest rate of 39%) State Income Tax FICA, or self-employment, taxes (highest 15.3%) Property Tax (about .1% of assessed value) Unemployment Tax (6.2%) Sales Tax (about 9% in LA) …
Overhead and taxes are necessary evils. Many business owners fail to plan for them. Without a written budget or a commitment to stick to a budget, the cash flow bleeding begins. After the Sales Analysis, the second most overlooked part of running a business is controlling cash flow. As a marine, I was taught how to Stop the Bleeding when …
