Westhoff Accounting http://westhoffaccounting.com Certified Public Accountant Fri, 29 Jul 2011 11:35:53 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 New Medicare tax in 2013 will affect Wealthy taxpayers http://westhoffaccounting.com/2011/07/29/new-medicare-tax-in-2013-will-affect-wealthy-taxpayers/ http://westhoffaccounting.com/2011/07/29/new-medicare-tax-in-2013-will-affect-wealthy-taxpayers/#comments Fri, 29 Jul 2011 11:35:53 +0000 Al http://westhoffaccounting.com/?p=105 Continue reading →]]> Wealthy taxpayers will be subject to a new 3.8% Medicare tax on unearned income beginning in 2013. The tax will apply to individuals with a modified gross adjusted income of at least $200,000 and married couples with income of at least $250,000. You should review your current investments or talk to your financial advisor.

]]> http://westhoffaccounting.com/2011/07/29/new-medicare-tax-in-2013-will-affect-wealthy-taxpayers/feed/ 0 Do you think “gifts” are tax free? http://westhoffaccounting.com/2011/07/27/do-you-think-%e2%80%9cgifts%e2%80%9d-are-tax-free/ http://westhoffaccounting.com/2011/07/27/do-you-think-%e2%80%9cgifts%e2%80%9d-are-tax-free/#comments Wed, 27 Jul 2011 11:33:46 +0000 Al http://westhoffaccounting.com/?p=103 Continue reading →]]> The person who caught Derek Jeter’s 3,000th hit might have thought so also.

He could owe thousands of dollars in taxes on the gifts he received after giving the ball to Jeter.

The gifts included tickets to Yankees games and other memorabilia.

Do remember when Oprah Winfrey gave every member of her audience a car? That gift cost each person $7,000 in taxes.

]]> http://westhoffaccounting.com/2011/07/27/do-you-think-%e2%80%9cgifts%e2%80%9d-are-tax-free/feed/ 0 Change in FUTA (Federal Unemployment Tax) http://westhoffaccounting.com/2011/07/25/change-in-futa-federal-unemployment-tax/ http://westhoffaccounting.com/2011/07/25/change-in-futa-federal-unemployment-tax/#comments Mon, 25 Jul 2011 11:33:33 +0000 Al http://westhoffaccounting.com/?p=101 Continue reading →]]> As of June 30, 2011, the FUTA tax rate is scheduled to decrease to 6.0% (from 6.2%). The tax applies to the first $7,000 of wages paid to each employee during the calendar year. This tax is an employer only tax and is reported on Form 940.

Employers can take a credit for amounts paid to state unemployment funds for as much as 5.4%. So the net FUTA tax rate is generally 0.8% (6.2% – 5.4%) and is scheduled to decrease to .6% (6% – 5.4%).

]]> http://westhoffaccounting.com/2011/07/25/change-in-futa-federal-unemployment-tax/feed/ 0 IRS increases standard mileage rate, starting July 1 http://westhoffaccounting.com/2011/05/23/irs-standard-mileage/ http://westhoffaccounting.com/2011/05/23/irs-standard-mileage/#comments Tue, 24 May 2011 02:28:11 +0000 Al http://westhoffaccounting.com/?p=34 Continue reading →]]> Because of rising fuel costs, the Internal Revenue Service increased the standard mileage rate for business use of an automobile and for medical and moving expenses. The new optional standard mileage rates will apply to expenses incurred on or after July 1, 2011. The business rate will go up to 55.5 cents per mile

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