Posts by Jody Kuhn
When does your workday begin?
Many companies have employees use their computers to log-in a beginning and ending work day. With all this technology, when you log-in at remote locations would this be considered work (paid) time? The FLSA (Fair Labor Standards Act considers this time compensable, since employees are engaged to wait. However, regulations (29 CFR 785.47) allow employers…
Read MoreWhat you always needed to know about social security numbers
Social Security Administration is beginning a new assignment methodology randomly. There is a method to the social security numbers (123-45-6789). Your first three digits are the area number, the middle two digits are the group number, and the last four digits are the serial number. Area numbers vary depending on when your social security number…
Read MoreHacker Hacks
Does your head spin from people hacking into companies and breaching confidentiality? Well in July the HealthCare.gov officials had a breach, but we were assured that none of the personal or sensitive information was viewed or taken. It appears that it become easy for hackers to attack, we will become aware of more and more…
Read MoreSo, death and taxes.
Again a district court has held that filing a frivolous tax return penalty meets the Supreme Court’s test of being a civil penalty and therefore it survives the taxpayer’s death. This case turned out ugly and the deceased taxpayer’s estate was tapped for additional penalties. Word of caution – don’t file frivolous tax returns or…
Read MoreFBAR penalty could reach 150% of the account balance
The U. S. Dept. of Justice just announced a Florida district court jury found a U. S. Citizen failed to file required Reports of Foreign Bank and Financial Accounts (FBARS) on accounts worth $10,000 or more ruled a mere penalty of 150% of the bank account balance. No fooling, our Federal Government is out to…
Read MoreWelcome back and it starts all over again!
[title size=”1″]Taxes[/title] Taxes. April 15th is past but I’ve noticed many errors on W-2, 1099-R and 1099-MISC forms received by taxpayers. In addition many brokerage statements were amended resulting in returns being corrected or delayed. The 2013 tax year had numerous tax law changes and the resulting tax documents did reflect confusion. Many individuals did…
Read MoreCheck Your Credit Report!
It is now mandatory for each of us to check our own credit report at least once per year. Individuals are stealing identities and misused your name and social security number. Please check your credit report from: www.annualcreditreport.com or call 1-877-322-8228 toll free Annual Credit Report Request Service P. O. Box 105281 Atlanta, GA …
Read MoreHiring your kid to work in the business
You could reap benefits from hiring your children to work in the family business. Don’t get greedy but you could reduce your income tax, fund a Roth IRA for the child, pay reduced or no payroll taxes and better yet have a potential business succession plan. Think of it, farmers have their kids work and…
Read MoreTax tips for taxpayers who travel for charity work
You may lower your taxes while doing charity work if you itemize your deductions. a. You must volunteer for a qualified organization. Ask about its tax exempt status. b. You can’t deduct for your time or services but you may be able to deduct unreimbursed travel. Mileage is at 14 cents per mile. c. …
Read MoreNew IRS numbers for 2014
Social security taxable wage limit increased from 2013 limit of $ 113,700 to $ 117,000. Retirees under full retirement age can earn up to $15,480 without losing benefits. 401 (k) maximum salary deferral is $ 17,500 with a catch-up limit for 50 and older at $ 5,500. IRA contribution limit is $ 5,500 and $6,500…
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