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Archive for the ‘2014 Tax Changes’ Category

Effective Today, July 1, 2014, No More Cosmetic Sales Tax

On January 17, 2012 New Jersey Governor Chris Christie signed into law the abolition of the state’s 6 percent tax on cosmetic procedures. A cosmetic medical procedure is any medical procedure performed on an individual which is directed at improving the subject’s appearance, and which does not […]

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Equipment Write-Off Decreases for 2014

In recent years, businesses could expense up to $500,000 of equipment purchases in the year of purchase, with a $2,000,000 annual purchase limit. In addition, bonus depreciation was allowed for new equipment purchases. Because Congress did not extend these provisions for 2014, businesses can now only expense […]

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Plan for the Return of Some Tax Break Phase-Outs

Are you familiar with PEP and Pease? Though they sound like a pop duo, the terms refer to tax rules known as phase-outs that can impact how much federal income tax you owe. Phase-outs are reductions in the amount of deductions, credits, and other breaks you can […]

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“Tip” or “Service Charge” Rule For Restaurants

Restaurant owners and employees will be affected by an IRS rule going into effect this coming January. The “automatic gratuity” that many restaurants add to the bill for larger parties will be treated as a “service charge” rather than as a “tip.” Service charges are treated as […]

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Use Them or Lose Them: Tax Benefits that will be Gone after 2013

With the massive tax changes made at the beginning of 2013, it is hard to believe that many tax laws are still set to expire at the end of the year unless Congress acts. As the year winds down, now is a good time to review some […]

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New Safe Harbor for Home Offices

Beginning in 2013 there is a simplified way to take a home office expense for a portion of your home. This new ‘safe-harbor’ option greatly simplifies how to record valid expenses for business use of your home. Here is how it works. You may opt to take […]

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The 2014 Health Savings Account Limits Have Been Announced

The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2014. The new limits are outlined here with current year amounts noted for comparison purposes. What is an HSA? An HSA is a tax advantaged savings account where part of your wages can […]

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