Ozment Media // Posts published by Ozment Media
K.P. Monaco & Associates, P.C. 2014 Client Survey
This client survey is intended to help K.P. Monaco & Associates know how satisfied our customers are. Each paying client who participates in this online survey will be entered in a drawing to win a $500 Amazon gift card. The survey will end at midnight May 31st and the winner of the drawing will be […]
New IRS rules clarify when businesses must capitalize or expense costs
The IRS has issued regulations intended to clarify for businesses which costs related to fixed assets must be capitalized and which can be currently expensed. The 200 pages of regulations are complex, but the safe harbor provisions on improvements are perhaps of most concern to small businesses. Here’s an overview. If your average annual gross […]
What to do if you receive an IRS notice
After you file your tax return, the last thing you want to see is a notice from the IRS questioning your return. Some IRS notices involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; sometimes they are wrong. […]
Health coverage mandate postponed for certain businesses
On February 10, 2014, the Treasury Department issued rules that will allow mid-sized businesses to delay for one year the requirement to provide health insurance for their workers. The rules also offered some relief for larger companies. Businesses with 50 to 99 employees will now have until January 1, 2016, to provide minimum, affordable health […]
IRS reminds taxpayers about this refund option
If you’re receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details. * You may purchase up to $5,000 in U.S. Series I savings bonds. * The total amount of bonds you purchase must be a multiple […]
Put your tax refund to work for you
The IRS recently published statistics on the 2013 tax filing season. During 2013, the IRS issued over 109 million tax refunds totaling almost $300 billion. The average refund was $2,744. If you’re one of the millions of taxpayers who get a refund every year, consider using it this year to improve your financial situation. Everyone’s needs […]
Take an extra step this year
As part of gathering the information you’ll need to file your 2013 tax return, take a little extra time to review your current financial situation and the progress you’re making toward your financial goals. Tax filing time provides an excellent opportunity to do this review since you’ll have your records out for tax filing. Here […]
Pay attention to the nanny tax
Every few years the “nanny tax” becomes a big news story when some high-profile political figure reveals that he or she hasn’t paid required nanny taxes. While you may not plan on running for political office, failing to pay the nanny tax on the household workers you employ could result in IRS penalty and interest […]
IRS releases 2014 tax numbers
Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2014 tax planning. * STANDARD MILEAGE RATE for business driving drops to 56¢ a mile. Rate for medical and moving mileage drops to 23.5¢ a mile. Rate for charitable […]
IRS modifies “use it or lose it” rule for FSAs
If your employer offers a flexible spending account (FSA), you’re permitted to set aside up to $2,500 of pre-tax dollars each year to pay for your out-of-pocket medical expenses. The drawback to such accounts has been the fact that in the past, you forfeited any unused amounts at year-end, and they reverted to your employer. […]
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