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The Affordable Care Act and your 2014 taxes, Part II

The Premium Tax Credit (a.k.a. government assistance in paying for your government health insurance premiums based on financial need)

Beginning in the 2014 tax year, the Affordable Care Act enacted the Premium Tax Credit. It is designed to assist individuals and families with low to moderate income afford health insurance through the Health Insurance Marketplace (government sponsored exchanges). Continue reading “The Affordable Care Act and your 2014 taxes, Part II”

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The Affordable Care Act and your 2014 taxes, Part I

 The Individual Shared Responsibility Provision and Payment (a.k.a. have health insurance or pay a fine)

With the Affordable Care Act (ACA), all individuals—including children—are required to have minimal essential monthly health insurance coverage for him/herself as well as all dependents for whom he/she is financially responsible. Here are some Q’s and A’s to help you understand. Continue reading “The Affordable Care Act and your 2014 taxes, Part I”

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Should I do my company’s payroll?

Payroll Time!Congratulations! Your new business venture is doing well and it’s time to start paying yourself a salary and possibly even hire an employee. You ask yourself, “I wonder if I can just do the payroll myself?”

Or let’s say times require belt-tightening in your company’s budget. To save money, you consider ditching your payroll service in favor of tackling it yourself “for free.”

What is our recommendation?

Unless you were previously a payroll accountant and have extra time on your hands, then we would urge small business owners not to take on payroll themselves. We have the utmost confidence in the competence of good small business owners, but if payroll is not your core business, the cost/benefit ratio will almost always be in favor of hiring out this pesky task to professionals. Continue reading “Should I do my company’s payroll?”

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"How do I read my company's financial reports?" Presenting The Dashboard!

Still as true as it was when presented to us in formative days by SchoolHouse Rock: “Knowledge is power!”

But what if you can’t understand those scary, long reports full of numbers called financial statements? Income Statements, Profit and Loss, and Statement of Operations (hint: they’re all the same thing) reports? And don’t even get us started on the Balance Sheet! Ugh! Numbers are not your thing, right? That is what your accountant is for. However, even with an accountant or software generating perfectly accurate financial reports, they are just a lot of stale numbers if you don’t know how to dig in to them!

We at Sweeten CPA have developed a system to bridge the chasm between financial reports and key conclusions they can provide. We call it “The Dashboard.” (Think of all the key indicators on the dashboard of your vehicle that help you drive correctly.) When we provide your company with its own personalized Dashboard, one of our CPAs will sit and consult with you as as your honorary CFO. The CPA will point out and explain the measurements and ratios that mean the most for your business and industry, and exactly what they mean for your company.  Some of these metrics will come from the data available in your accounting software or financial reports; some of it may come from outside sources.

Want proof that The Dashboard can benefit your company? Continue reading “"How do I read my company's financial reports?" Presenting The Dashboard!”

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"What will my raise do to my taxes?"

Good question! The answer? If only it were easy to figure!

Getting a raise, promotion, or accepting a new position often means more money in your pocket. But it can also mean a change in your taxes.  (In rare cases a salary increase can actually mean less net pay!) The IRS has a dizzying amount of tax and deduction thresholds–think of it as an income level trigger–so that it is almost impossible to remember each one, or more importantly when you have reached and passed one.

Until now!

Presenting our extremely handy IRS threshold charts! These charts give the 2013 thresholds (the 2014 ones still unavailable) in ascending order. Continue reading “"What will my raise do to my taxes?"”