Unless otherwise indicated, all deadlines related to TAXES are at 11:59:59 P.M. (one second before midnight) local time. See also IRS Publication 509. March 31, 2014 Health care coverage deadline for most uninsured taxpayers to avoid the Affordable Care Act penalties on their 2014 tax returns. November 15, 2014 Start of 2015 open enrollment at the HealthContinue reading “March 16, 2015 deadline for business structure execution”
Category Archives: taxes
State individual income taxes
TAX RATE RANGE (in percents) Low High CALIFORNIA (a) 1.0 12.3 NEW YORK 4.0 – 8.82 DIST. OF COLUMBIA 4.0 – 8.95 MICHIGAN (a) 4.25 COLORADO 4.63 OREGON (a) 5.0 – 9.9 ILLINOIS 5.0 UTAH 5.0 MASSACHUSETTS (a) 5.20 MINNESOTA (a) 5.35 – 9.85 NORTH CAROLINA 5.8 ALASKA NoContinue reading “State individual income taxes”
Understand tax implications medical practice buy-ins,buy outs by Steven R. Antico, JD
Structure agreements carefully to maximize benefits when an owner or partner leaves or is brought on board. Your practice can’t avoid the tax implications related to buy-ins and buy-outs of partners if it wants to survive and expand in a competitive environment. When offering a new equity position or buying out a retiring partner, considerationsContinue reading “Understand tax implications medical practice buy-ins,buy outs by Steven R. Antico, JD”
Type of Qualified Retirement Plan for high net income pros and business owners
Owner Goal Employees (Non-Owner) Plan Type Requirements Advantages Older Than Employees Maximize Contributions, Deductions & Benefits 0-4 Fully Insured Defined Benefit Plan, also known as a 412(e)(3) Plan Steady Profits: Business generates enough income to support ongoing plan contributions,. Plan funding required each year. Highest Possible Contribution, Deduction & Benefits. All Plan Assets HeldContinue reading “Type of Qualified Retirement Plan for high net income pros and business owners”
How to avoid capital gains tax
First, you can use a tax-protected retirement account to avoid paying capital gains taxes on the proceeds from your stock sales. As long as you keep the proceeds in the account and resist the urge to make premature withdrawals, you can grow your retirement savings on a tax-free basis for an indefinite period of time.
However, your retirement account may be subject to certain contribution limits. If you’re under the age of 50, you can contribute just $5,000 per year into your tax-protected IRA account. If you’re over the age of 50, you may be able to contribute as much as $6,000 into your account. Before you make any contributions, be sure to check with a licensed tax professional.