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G&G Associates Tax & Financial Consulting
e-Newsletter
Tax Tip of the Week
Hotep G&G Readers,
On New Year's Day 2013, Congress finally passed the American Taxpayer Relief Act of 2012, loaded with tax changes for both 2012 and 2013. For businesses, there is some "relief" from taxes but also some increases. Here are a few highlights of the changes:
1) Social Security and Self Employment taxes are going up. The 2% reduction in the payroll tax from 2012 has been rescinded. Starting 2013, employees will pay the full 6.2% Social Security tax, and self-employed individuals will pay the full 15.3% Self Employment tax, up to a new maximum of $113,700.
2) Medicare tax surcharge. 2013 brings a new 0.9% Medicare tax surcharge on individuals making over $200,000 ($250,000 for married couples). The surcharge applies to your entire income, not just to the amount in excess of $200,000 or $250,000.
3) A few tax savings: For 2013, the standard mileage allowance increased 1¢, from 55½¢ to 56½¢. The 50% bonus depreciation has been extended through 2013. Maximum first-year write off of assets was reinstated at $500,000 for both 2012 and 2013. You can now pay your kids up to $6,100 a year tax-free to work in your business (and still get a tax write-off). Maximum contributions to most tax-deferred retirement plans are increasing for 2013.
For more 2013 Tax Updates, stay tuned for more details of an upcoming G&G Associates live Tax Update webinar in a couple weeks.
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Internal Sponsorship:
G&G TAX PREPARATION SERVICES
G & G Associates is a Black-Owned Business focused on easing our client's minds on tax compliance matters. With the ever changing and burdensome tax code, overwhelming and confusing federal and state tax forms and increasing IRS scrutiny over most tax items, taxpayers need to have at least this one part of their lives made easier, less stressful and more profitable.
Our expert help includes our:
In-Depth Interview — a thorough and complete experience designed to unearth every tax savings opportunity during the course of your tax preparation. We use these to the latest IRS guidelines to guide you through a painless, interactive session so that together, we catch every single detail that results in more tax savings for you.
We can service clients anywhere in the world and we look forward to assisting you in getting your tax return prepared for the 2011 and beyond tax season. (Referrals available upon request)
If you are a returning client you'll get a 25% discount off your tax preparation fees. If you are a new client you'll get $40 off our normal fees. If you are active duty or retired military you'll get a 15% discount. If you are a senior citizen (above 65) you'll get a 20% discount.
At G&G Associates, we GUARANTEE to beat "ANY" other tax professional's price. We take pride in not nickeling and diming our customers with unnecessary charges & fees.
Do you have a friend, co-worker or family member who might be interested in G&G Associates Tax Preparation Services? If so, then you can earn $40 for everyone you refer that files their tax returns with us. Just refer that person, and when we complete their tax return we will send you a check for $40. To make the deal even sweeter, after (4) four referrals you will get your taxes done for free.
We are looking forward to doing business with you for the upcoming tax season.
For more information about G&G Associates, visit our website at www.gngnassociates.net
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This year's tax season will be a challenge for many especially since record numbers of individuals have tapped into savings, retirement accounts, etc which may have caused tax bills you didn't realize.
So, it will be imperative that you have a tax professional and "not a tax preparer" doing your taxes. Trust me folks, there is a big difference.
One of the benefits of being a client with G&G Associates is that you'll get a free 30 min pre-tax preparation session to make sure you are gathering your documents appropriately before you submit your documents for tax preparation.
So, contact us today to schedule an appointment.
Visit our website for more information and free online webinar classes to help you make sure you are audit proofing your records, or contact us today to set your appointment if you need a "TAX" OR "FINANCIAL" one-on-one consultation.
Until the next time!
Meda Ase P (Thank You Very Much),
Asar Maa Ra Gray
Tax & Financial Consultant, RFC
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net
G&G Associates & G&G Travel are on Facebook & Twitter, join our fan page.
**You must be a G&G Associates tax client to receive the $40 referral fee
P.S. If you're not a GGIS Paid Subscriber reader yet, why not? Currently, our GGIS portfolio is packed with great plays to kick-start your portfolio for 2013.
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