You may be thinking about setting up a retirement plan for yourself and your employees, but are concerned about the financial commitment and administrative burdens involved in providing a traditional pension or profit-sharing plan. An alternative program you may want to consider is a “simplified employee pension,” or SEP. SEPs are intended as an alternative Read More…

Taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this exclusion. The amount of the exclusion for 2013 is $14,000. The exclusion covers gifts an individual makes to each donee each year. Thus, a taxpayer with three children can transfer a total of $42,000 Read More…

For 2013, the medical deduction can only be claimed to the extent your unreimbursed costs that exceed 10% of your adjusted gross income (AGI), up from 7.5% of AGI in 2012. However, the more favorable 7.5%-of-AGI threshold continues to apply through 2016 if you or your spouse has reached age 65 before the end of Read More…

Tax season is here! As people begin shuffling through their current year receipts, they often will ask “how long should I keep my records?” The answer to that question is really “it depends”. You will want to keep copies of your filed tax returns indefinitely. They help in preparing future returns and making certain computations Read More…