Tax Memo on New Regulations for Federal Tax and Income Tax

Victorian Miss Mary - is your organization or employer up-to-date on tax changes for 2013?I want to do a big shout out to my CFO, Greg Rutherford. Greg sent an end-of-year federal tax planning memo to all of our clients. Truly the end of this year is more stressful (due to the many changes in federal tax regulations and state law) than any other I’ve seen. And listen, between you and me I’ve seen more than I am ever going to admit. Please read the memo for some tips on what is tax form changes, and get with your own accountant/tax planner to make any decisions necessary before the end of the year.

See also: A Surprising Look at Tax Burden on Small Business

Changed Regulations for Income Tax and Equipment Purchases

For any of our clients who will be issuing bonuses dated in 2012 (hint: income tax rates go up for individuals over $200,000 and couples over $250,000 on January 1, 2013) we need to have those by Dec. 26th. Also a big change in federal tax form regulations from that memo is that equipment purchase has a big tax form break that will end on December 31st. Details are in that memo, but in a nutshell you can have preferential treatment on equipment up to $125,000 if made before year end.

On a positive note… next week we will be making an exciting announcement that you are not going to want to miss.

I am off to Omaha for the rest of the week to meet some new favorite clients (yes they are all my favorites!) and will be working from there on the big news… stay tuned.

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