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Tax Masters of America is a full-service accounting firm serving clients throughout the United States, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
On this website, you will find information about Tax Masters of America, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business, Tax Masters of America has years of valuable experience assisting professionals with their accounting needs.
We welcome any questions or comments you may have. Feel free to contact us at any time:
Tax Masters of America
89 Buxton Lane
Boynton Beach, FL. 33426
Letter from the President:
Dear friends, clients, and colleagues,
As the tax season for 2014 begins in just a little over a week, (January 20, 2015) I was reminded by my friends at AccountingToday.com, a website for CPAs and Tax Attorneys, of several reasons why you should have your tax return prepared and filed early. While not all reasons apply to everyone, one or more may apply to you:
1) AVOID IDENTITY THEFT
With the substantial increase in identity theft that has grown over the last few years, filing early is a good way to help prevent becoming a victim, if you have not already. By filing early, you prevent someone else attempting to fraudulently use your information to obtain your refund from filing because once a return has been filed using your social security number, the IRS will automatically reject any subsequent tax returns electronically filed with that same social listed as either a primary, a spouse, or a dependent. The IRS would reject any fraudulent use of your social only if you have already filed your return. On the other hand, if you wait to file, and someone is using your social for fraudulent purposes, you give them the opportunity to file first, obtain your refund, and then when you file your return, you will be rejected. While there is still a means of filing by paper and informing the IRS of the fraudulent use of your social, the process for a fraud investigation is long, requires your participation with the IRS, and will delay your refund for a very long time. Don't be a victim of identity theft. File early and foil the plans of the thieves!
2) GET YOUR MONEY!
Obviously the sooner you file your return, the sooner you will receive any tax refunds which are owed to you. It's your money so why let the IRS continue to make interest of your hard earned dollars. The sooner you file, the sooner your refund will be returned to you. Let us help you get your money back where it belongs! In your bank, not Uncle Sam's.
3) TAX LIABILITY PLANNING!
On the flip side, if you are not getting a refund and must pay the IRS on a tax liability you owe, that liability is not due until April 15th, 2015. Knowing the amount you owe early allows you the greatest amount of time to plan for that payment. While owing the IRS is never fun, whether you owe them a lot or a little, having the flexibility of not having to pay them for several weeks or even months allows you time to organize your finances so it has the least impact on your ability to manage cash flow.
4) FAFSA requires tax info:
If you are planning on taking any college classes, or have any children in college, one of the important factors in obtaining federal grants, scholarships, and loans is completing the FAFSA as early as possible. The sooner you can get the FAFSA completed the better. Since you need the information from your tax return to complete your FAFSA, completing your tax return early gives you the information you need earlier, thus improving your chances for obtaining scholarships, grants and loans for you or your loved ones.
5) GET IN EARLY, BEFORE TAX SEASON BECOMES TOO CRAZY!
Noone likes to wait around in waiting rooms for an appointment. I know I hate going to the doctor, especially the emergency room, when I have to wait for ever (it seems) just to get in for a quick appointment. As tax season moves along and April 15th approaches, those who have waited must try to fit into their busy schedules an appointment to have their taxes prepared while also competing with the crazy schedules of all other clients. As April 15th approaches the amount of time left is diminished and the number of scheduled appointments increases, making finding a convenient time to have your taxes prepared next to impossible. Plan early and reduce your stress by scheduling your tax appointment early. Get in, get out, and breathe... it's just that easy:)
6) PLANNING FOR YOUR RETIREMENT
In some cases, investing in an IRA may be your best option for saving money on taxes now and deferring that tax till after you retire. Additionally, if you file early, and are receiving a refund, you can use your refund to fund the IRA deduction you are claiming for last year. The IRA contribution is not due until the filing date of your tax return, for most people that is April 15th. Therefore, having your tax return prepared early, receiving your refund early, will still leave you with time to fund your IRA contribution for last tax year.
As always, it is a pleasure to serve you and your family with all your Real Estate, Financial, and Tax needs. Please feel free to contact us with any questions, at any time. We are in business to serve you, and we love what we do, and we know you do to!
Please contact us at your convenience and schedule your tax preparation appointment today!
Very Truly Yours,
IMPORTANT IRS UPDATES
2015 Employer Shared Responsibility Payment (Penalty) Under the Affordable Care Act
October 29, 2014
As a reminder, the employer shared responsibility (penalty) portion of the Affordable Care Act will be applied beginning on January 1, 2015. Therefore, all large employers (generally employed 100 or more full-time employees during 2014) are required to offer affordable health insurance to their employees that provides minimum essential coverage. Large employers who fail to do so will be subject to a shared responsibility payment (penalty).
For 2015 there is transitional relief from the penalty for businesses that employed between 50 and 100 full-time equivalent employees during 2014. To be eligible, an employer must meet the following conditions:
- Did not reduce the size of its workforce or overall hours of service of its employees during the period starting on February 9, 2014 and ending on December 31, 2014.
- Did not eliminate or materially reduce the health coverage it offered as of February 9, 2014 during the period beginning on February 9, 2014 and ending on December 31, 2015.
- Must have employed, on average, at least 50 full time employees but fewer than 100 full time employees during 2014.
If they do not meet these conditions, then the definition of a large employer is 50 or more full-time employees during 2014.
Generally, a large employer will be subject to a shared responsibility payment (penalty) for 2015 once at least one full-time employee receives a premium tax credit and:
- Employer does not offer health insurance coverage to at least 70% of their employees – Penalty is calculated as $2,000 X (Total number of full-time employees minus 30) which is prorated for each month that they did not offer coverage;
- Employer offers health insurance coverage that is not affordable or does not meet the minimum value standards – Penalty is $3,000 for each full-time employee who opts out of the employer’s coverage and obtains their health insurance through a Marketplace and is eligible for a premium tax credit.
The affordability standard is not met if an employee’s required contribution for self-only coverage exceeds 9.5% of their income.
The minimum value standard is not met if the employer’s plan pays less than 60% of covered expenses.
The definition of full-time equivalent employees includes all full-time employees plus the full-time equivalent for part-time employees.
An employee is considered full-time for a calendar month if they average at least 30 hours of service per week or 130 hours of service per month. The full-time equivalent for part-time employees is calculated as the total hours for each month of all part-time employees divided by 120.
For more information on the employer shared responsibility payment see:
- IRS Questions and Answers on Employer Shared Responsibility Provisions - Covers the basics, identification of full-time employees, calculation and how employer shared responsibility payment is made, and transitional rules for 2015 and small employers.
- Final IRS regulations that were issued on February 12, 2014.
- IRS Notice 2011-36 for detailed explanation of how to calculate the number of full-time equivalent employees.