For 2010, the credit is phased out when adjusted gross income exceeds $182,520 and will be completely phased out when it exceeds $222,520.

 The adoption credit is now a tax refund, rather than a tax credit.  It will be paid even if it exceeds the taxpayer’s tax liability.

Please contact us if you have any questions regarding this or any other tax credit changes for 2010.

Beginning in 2010, there is a minimum health care plan standard for benefits provided. All employers must provide the following coverage by the year 2013 or they will face penalties for not having a qualified health plan.

 Ambulatory patient services

Emergency services

Hospitalization

Maternity and newborn care

Mental health and substance use disorder services

Prescription drugs

Rehabilitative and habilitative services and devices

Laboratory services and preventive and wellness services

Pediatric services (including oral and vision care)

For existing plans to qualify for continuance, they must meet these minimum benefits. If you have any questions if your current coverage meets the new government standards contact your insurance representative or our office. There are more changes coming because of this new law so you will need to include the costs of this coverage for all of the employees on your payroll, including most of your part-time people, in your financial forecast/budget. We assist small business owners with planning and creating a forecast/budget.

If you know you will be or have already started hiring people this year and have questions regarding this tax credit, please call us (972-377-7078) and we will be happy to guide you through how to take advantage of this tax credit.

Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cause I’m the taxman,
Yeah, I’m the taxman.

If you drive a car – I’ll tax the street;
If you try to sit – I’ll tax your seat;
If you get too cold – I’ll tax the heat;
If you take a walk – I’ll tax your feet.

People started complaining long ago that they were Taxed Enough Already.  The TEA party is nothing new, just renewed. We have all kinds of patterns through history. If we want to interrupt the patterns we have to first change our conversations about the patterns we do not like. Vocalizing objections to unfair taxes is important, but the changes are sometimes slow.  What does not change is the fact that we must pay the taxes by the laws that are in place or face severe penalties. We can embrace the fact that we owe taxes because we are successful in the marketplace and then we can educate ourselves on using the ways that are already in place that allow us to avoid taxes.  There are many strategies to reduce your taxes and of course we recommend a CPA to make recommendations. If you find yourself unhappy about the taxes you must pay we would love to help you find ways that you can save more money.

The way we view money and talk about money influences how we attract money. This blog is designed to inspire you to take actions which are healthy for both your business and personal financial matters.

We will share information with you regarding business and individual tax returns to make sure you are taking full advantage of all possible tax savings. We will also send you reminders of upcoming personal and business tax deadlines.

If there is a relevant article in the news for saving you money or building your wealth we will share it and post our comments regarding how you can use the information.

At Mary Wilson Keener, CPA we believe in the philosophy that we have to help other people raise up their boats so our own boat can be raised. We work with a servants mind and inside of this we are committed to our clients and the community we work in being successful.

If you have any questions or information you would like to have posted on this blog please leave us your comments.

We look forward to serving you.

Mary Wilson Keener. PC