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Dear Alan,
For
those of you who have been curious about what the President’s proposed
tax changes for 2014 look like, you will find a concise summary of them
in the article below. In a matter of moments, you will have a better
understanding of this administration’s thinking on tax reform for
individuals and business. Being aware gives us the chance to really
understand how any changes will affect us, our business & communities
and ask questions to become even better informed. This in turn,
gives us the opportunity to encourage our representatives to vote the
direction we want our country to go in and actively influence the
decisions made in Washington.
Remember
that our team at Sum of All Numbers is your partner in implementing best
strategies and business practice when it comes to running your business.
We can also refer you to some of the best tax professionals, then work
closely with them to provide clean financial reports and reduce your tax
preparation bill.
If you
have been thinking that tax season shouldn’t be this stressful, it’s time
to give us a call so we can help!
Sincerely,
Holly DeVito
Sum of All Numbers
President’s Proposed Tax Changes for 2014
The
budget proposal released by President Obama on April 10 includes a
substantial number of proposed tax changes impacting individuals,
businesses, estate taxation, energy incentives, and international issues.
Although these are only proposals, they provide an insight into the
administration’s thinking on tax reform. An overview of the most
prominent issues related to individuals and small business is provided
below. (Read More)
Did You Overlook Something on a Prior Tax Return?
Occasionally,
clients will realize that an item of income was overlooked, a deduction
was not claimed, or that an amended tax document was received after the
tax return was already filed. Regardless of whether the oversight will
result in more tax due or a refund, it should not be dismissed. (Read More)
Tax Rates Increase in 2013
As
part of the 2012 American Taxpayer Relief Act (ATRA), tax rates, both
ordinary and capital gains, increased in 2013 for higher income taxpayers
whose taxable income exceeds the income threshold for their filing
status. (Read More)
Circular 230 Disclosure, United States Treasury
regulations effective June 21, 2005 require us to notify you that to the
extent of this communication, or any of its attachments, contains or
constitutes advice regarding any U.S. Federal tax issue, such advice is
not intended or written to be used, and cannot be used, by any person for
the purpose of avoiding any penalties that can be imposed by the Internal
Revenue Service.
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