Ringing in the New Year

Shortly after ringing in 2013, our federal government answered a number of questions we and our clients have asked about tax laws for 2013 and years to come. Almost everyone will feel an impact from rules that have changed from 2012 to 2013. Anyone who is self employed or receives a W-2 will now pay FICA-Social Security at rate of 2% higher than the previous year. Singles with income over $200,000 and married couples with income over $250,000 may be subject to either or both a .9% and 3.8% surtax on certain types of income. Singles with taxable income over $400,000 and married couples with taxable income over $450,000 will be subject to a new 39.6% tax bracket, up a few percent from the previous year. It may all sound like bad news, but many will benefit from the extension of certain provisions that were set to expire. The 0%, 10%, and 15% capital gains rates stay in effect for a number of taxpayers. Tax brackets for many in the middle class remained largely unchanged, with minor adjustments for inflation. Although some taxpayers will experience a phase out of itemized deductions and personal exemptions, others will benefit from an extension of child tax credits and a “permanent” relief from Alternative Minimum Tax (AMT). Business owners received a very nice benefit when Congress granted them another year (2013) of being able to expense up to $500,000 of certain fixed asset purchases, with a cap of $2,000,000 of asset purchases. As we look forward to 2013, we see a year of many changes in the tax law (more changes than we...

Give Thanks

We hope our blog posts provide you with helpful insights on taxes and periodic reminders of services we might provide that will assist you or your business. However, this is not one of those posts. As the holiday season kicks into full gear, we’d like to take a minute to give thanks. We’d like to thank you for allowing us the opportunity to work with you. We do not take for granted the trust and confidence you have placed in The CPA Group and we look forward to working with each of you in the future. We also want to thank our staff for their dedication to The CPA Group and their clients. We have been blessed with many long term employees who provide great service on a daily basis. We hope this Thanksgiving that you also have reason to give...

The Election Is Over!

We hope you’ve enjoyed this past week with significantly less mail, far fewer phone calls, and television commercials for actual businesses, products or services. Whether you are pleased with the results of the election or if you would have preferred a different outcome, we are now starting to get a clearer picture of the direction our country will be heading over the next few years. One area we are confident you will see changes is in tax law. We anticipate many, if not all, of our clients will be affected one way or another. Almost immediately after the election, we began receiving phone calls from clients inquiring how they may be impacted by the pending changes in tax law. We are beginning to see dramatic changes and new opportunities in how we help our clients plan not only for the end of 2012, but for the coming years as well. If you are considering making a major purchase, selling an investment or entering into any significant financial transaction, we would appreciate the opportunity to discuss your scenario before you make your decision. Timing and proper planning is everything at the present time. As always, if we can be of any assistance to you or if you have any questions on how you may be affected by pending changes in the tax law, please don’t hesitate to contact...

Welcome to The C.P.A. Group’s new website

Thank you for taking the time to visit our redesigned site. We hope the website gives you a glimpse of who we are and more importantly, the services we are providing to individuals and small and medium sized businesses. The website also provides you links to many common forms under the Resources tab and an easy way to contact or find us under the Contacts tab. We are currently striving to build relationships with our existing clients by providing them with the highest level of service. We are also actively pursuing new clients and would encourage you to contact us if we could assist you with any of your tax, accounting or business needs. We hope you’ll come back to visit our website in the future. From time to time we will try to update our blog with recent changes in tax laws, as well as discuss various services we are providing to our clients. In November and December we will be focusing on year tax planning. We’ll be assisting our clients in making decisions before year end that will impact their taxes both this year and in future years. There are many changes in the tax laws on the horizon and we feel year end tax planning is a way for us to proactively prepare our clients for these changes. Please feel free to contact us today to set up an appointment for year end tax planning. Thanks again for visiting our site. We welcome your feedback and would like to know if there is anything else you’d like to see on our website. The Staff at The...