Overview Starting in 2013, if your Adjusted Gross Income (AGI) is over $200,000 as a single taxpayer or $250,000 as a married taxpayer filing jointly, the following new Medicare taxes may impact your 2013 tax liability: 0.9% on wages and self-employment income 3.8% on the lesser of your "net [...]
Waltham, MA – September 2012 – Newburg & Company, LLP is pleased to announce that it will be participating in the 2012 Greater Boston Walk Now for Autism Speaks on Sunday, September 28th. The Newburg Team is raising funds to help fight Autism, the disorder that now effects 1 [...]
Assuming there will be no Congressional intervention, significant tax changes may be on the horizon for 2013. Tax cuts originally enacted in 2001 and 2003 by President Bush were scheduled to expire in 2011. However, in 2010 President Obama temporarily extended the tax cuts through 2012. If Congress does [...]
Recently certain health insurance providers have begun issuing rebates to employers that sponsor insured group health plans, as well as individuals who purchase health insurance coverage in the individual market. The rebates are a result of the Patient Protection and Affordable Care Act, enacted on March 23, 2010. You [...]
Don’t Let the 2012 Gifting Exclusion of $5 Million Pass You By… The IRS is allowing individuals to make gifts of up to $5,120,000 in 2012 before having to pay any transfer taxes. This exemption amount is returning to $1 Million in 2013 unless modified by Congress. Given the [...]
6/5/12 Reminder: 2nd Quarter Tax Estimates Due June 15th We wanted to send you a courtesy reminder that if you are making quarterly estimated tax payments, your next payment should be mailed off by next Friday June 15th (postmarked). If your 2011 return has been filed, we have included [...]
5/31/12 Report of Foreign Bank and Financial Accounts (FBAR), Form TD F 90-22.1, is due June 30, 2012 This form is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. You are required to file this form if the aggregate [...]
The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. What are the requirements to avoid penalties? The required [...]
Individuals are allowed a non-refundable personal credit for improvements to their principal residence that meet certain energy efficiency standards. For 2011, the credit is equal to the sum of: 10% of amounts paid or incurred for qualified energy efficiency improvements plus Any residential energy property costs paid or incurred [...]
The 2010 Tax Relief Act provides that the bonus depreciation percentage is 50% for "qualified property" that is placed in service during 2012 (100% depreciation for qualified property placed in service during 2011). The new law extends the additional first-year depreciation provision for investment in new business equipment. Currently, [...]
