FICA Wage Base Increased for 2013

We will provide you with a series of tax increases for 2013. These are low profile increases that cost you more in tax.
The FICA (social security) wage based increased in 2013 to $113,700.00. This means that if your wages are equal or greater than the base amount, you will pay an additional $223.20 in tax. This is a change in limit and not a tax rate increase but it will cost you more in tax? Sounds like a tax increase to me!

Back from the future

Back from the future with insight of new tax issues that are beginning to surface. The new taxes that you will be paying have been like a virus, just dormant until now.
We just attended the IRS forum in Atlanta Georgia to determine what approach the IRS will take in an effort to raise additional tax. We also learned of a new home office EZ deduction available for 2013.
Be sure to follow our blog and other media accounts to pay the least amount of tax with IRS approved deductions.

Cell Phones are a Tax Free Fringe

If an employer provides a cell phone for business reasons, the employee will not be taxed on the business or personal use of the phone. The employee will not have to keep a log of the business and personal calls.
Small business may want to provide cell phone to their spouse or children if they work for the company.
The same theory applies to health insurance assuming an employee/employer relation exist.

Hello to Leslie at the Bruce S concert.

Another Tax Form to Track Income

For 2011, credit and debit card companies will begin to issue 1099K forms on payments to merchants, and third party networks such as PayPal.
The IRS will begin matching the income on the tax return to spot discrepancies and under reporting.
We always appreciate the IRS helping us keep accurate records. At some point in the future, the IRS will already have your taxable information and will just send you a bill for the tax you owe!

Accounting Position Available

We are recruiting for one of our clients for an accounting position. This position is for a full charge general ledger person with extensive knowledge of Peachtree Accounting software. This is a full time position and salary will be based on experience.
Please fax a resume to 678-216-0617 or email danny@ptfs.biz.