By month: December 2013

2014 Attack by Obamacare on Section 105 Medical Plans (HRA Plans)

For tax years’ beginning after December 31, 2013, Obamacare contains good and bad news for Section 105 medical reimbursement plans—health reimbursement accounts (HRAs). Bad news: the new health law requires that you pay for group health insurance if you want a Section 105 plan for more than one employee. Good news: with one employee only, such as your employee-spouse or yourself if you operate as a C corporation, you don’t have to buy group health and you can reimburse expenses as you always have.

HSA Solution to Obamacare

Do you employ 50 or fewer employees? Are you looking to do something on the health care front, but not interested in the group health insurance option? Health savings accounts (HSAs) could be exactly what you are looking for, especially as Obamacare becomes law.

Five Strategies to Avoid the New 3.8 Percent Obamacare Tax

The new 3.8 percent Obamacare tax on investment and passive income makes its debut on your 2013 tax return. Are you ready? Have you made a plan to avoid or minimize the tax? You should. And you can. In this tax-planning article, you’ll find five real-world tax reduction strategies to keep your money safe, happy, and in that place where it belongs—your pocket.

10 Last-Minute Tax Deductions for Business Vehicles

Your tax-benefit time for your business and personal vehicles is running out on December 31. If you are going to do something, do it now. This article gives you 10 year-end tax-benefit strategies for replacing or adding a business vehicle.

Year-End Tax-Benefit Strategies for Investments in Stocks

You can achieve year-end tax benefits by offsetting your stock market gains and losses in the right way. You also can make a gift of appreciated stock to charity, which will increase your tax benefits over what you would achieve with a cash gift. Be careful here though, as a gift of depreciated (versus appreciated) stock to a charity decreases your charitable deductions, costs you cash, and makes you unhappy when you find out what you’ve done.

Creating Year-End Medical and Retirement Plan Tax Deductions

In this article, you’ll learn how to create and/or ensure medical and retirement deductions before December 31. Of course, you need to get busy now. There’s not much time left. And if you are one of the targets who’s now subject to the new, higher tax rates that apply in 2013, you will find year-end planning more beneficial than ever.

Create Year-End Tax Deductions with Simple Business Expenses

If you have been waiting until now to start looking for some new and easy tax deductions to lower your 2013 taxes, this article has ideas you can use. For example, (1) using the IRS safe-harbor prepayment strategy or (2) simply using your credit cards to pay some bills gives you great last-minute deductions. In this article, you’ll find five last-minute tips for creating 2013 tax deductions.

Year-End Tax Deduction Tips for Kids and Marriage

You have some last-minute tax deduction opportunities with your family. Do you have children under the age of 18? If so, you should consider having them on the payroll. In this article, we explain how you benefit. Also, your marital status gives tax-planning opportunities. Have you been giving cash to relatives, other than your under-age-24 children? If so, you need to consider the 0 tax-bracket strategy in this article.

 

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