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- Ask Question or Comment (3)
- General (52)
- Income Tax (79)
- International Taxation (25)
- LLC's (48)
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- Sub S Corporations (42)
- 22. February 2012: Sale of Business BUT What did you Sell?
- 1. February 2012: Florida State Unemployment Tax Rates 2012
- 21. January 2012: 2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
- 17. January 2012: 2012 Mileage Rates
- 13. January 2012: Vacation Homes - sometimes you don't declare the rent!
- 11. January 2012: How Often Does Tax Law Change....
- 26. December 2011: 2012 Payroll Tax Cut Extended 1st Two months
- 27. November 2011: Ballgames - can you deduct?
- 15. November 2011: WHAT IS HIGH DEDUCTIBLE HEALTH PLAN
- 15. November 2011: HSA 2011 Contributions
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Archive for January 2012
2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
21. January 2012 by admin.
HERE IS HOW TO REPORT IT
Health Insurance for the entire family goes on Shareholder’s W2
Box 1 & Box 14 (Does not affect FICA).
W3 Box 1 only
Form 941 Box 2 only (Does not affect FICA).
Form 940 Included in Total Payments Line 3 & Box 4 - excluded from FUTA tax
UCT-6 (Florida’s Unemployment Tax) Not shown
Health Insurance for employees does NOT appear any payroll reports (YET!).
Posted in International Taxation, Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »
2012 Mileage Rates
17. January 2012 by admin.
The 2012 federal mileage rates for the use of a car (also vans,
pickups or panel trucks) will be:
• $0.555 per mile driven for business purposes
• $0.23 per mile driven for medical or moving purposes
• $0.14 per mile driven in service of charitable organizations
Posted in International Taxation, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »
Vacation Homes - sometimes you don’t declare the rent!
13. January 2012 by admin.
Vacation homes are taxed under one of three sets of rules depending on how long the homeowner rents the property.
If you rent your vacation home for fewer than 15 days during the year, no rental income is includible in gross income.
If you rent the property for 15 or more days during the tax year and it is used by you for the greater of (a) more than 14 days or (b) more than 10% of the number of days during the year for which the home is rented, the rental deductions are limited. Under this limitation, the amount of the rental activity deductions may not exceed the amount by which the gross income derived from such activity exceeds the deductions otherwise allowable for the property, such as interest and taxes.
Posted in LLC's, Income Tax, General | 1 Comment »
How Often Does Tax Law Change….
11. January 2012 by admin.
There were approximately 4,430 changes to the tax code from 2001 through 2010, an average of more than one a day, including an estimated 579 changes in 2010 alone.
Posted in Payroll Tax, Newsletter Topics, Retirement Accounts, International Taxation, Sub S Corporations, Income Tax, LLC's, General | 1 Comment »