The benefits we offer result in savings based on actual service rendered by our Member Services Team or from actual discounts given by participating medical providers. At no time does Concierge Benefit Services pay any of a member’s medical costs or receive any “claims” for medical services.
View the current list of DEA controlled substances: Click Here (see attached list)
It is possible to schedule payments up to 30 days in advance and the IRS does not retain any bank information after payments are made. Go to www.irs.gov then click “Pay your tax bill” and then follow the instructions.
To qualify for either bonus depreciation or higher 179 expending assets must be put in service and ready for use by 12/31/14. Time would be of the essence. Additionally, waiting until the 4th quarter could lock your company into the 4th quarter convention of taking depreciation, thus greatly reducing your tax favored deduction for 2014. Decisions, decisions, decisions!!!
1. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 usually qualify. For more about this rule see Publication 503, Child and Dependent Care Expenses.
2. Your expenses for care must be work-related. This means that you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they’re physically or mentally incapable of self-care.
3. You must have earned income, such as from wages, salaries and tips. It also includes net earnings from self-employment. Your spouse must also have earned income if you file jointly. Your spouse is treated as having earned income for any month that they are a full-time student or incapable of self-care. This rule also applies to you if you file a joint return. Refer to Publication 503 for more details.
4. As a rule, if you’re married you must file a joint return to take the credit. But this rule doesn’t apply if you’re legally separated or if you and your spouse live apart.
5. You may qualify for the credit whether you pay for care at home, at a daycare facility or at a day camp.
6. The credit is a percentage of the qualified expenses you pay. It can be as much as 35 percent of your expenses, depending on your income.
7. The total expense that you can use for the credit in a year is limited. The limit is $3,000 for one qualifying person or $6,000 for two or more.
8. Overnight camp or summer school tutoring costs do not qualify. You can’t include the cost of care provided by your spouse or your child who is under age 19 at the end of the year. You also cannot count the cost of care given by a person you can claim as your dependent. Special rules apply if you get dependent care benefits from your employer.
9. Keep all your receipts and records. Make sure to note the name, address and Social Security number or employer identification number of the care provider. You must report this information when you claim the credit on your tax return.
10. Remember that this credit is not just a summer tax benefit. You may be able to claim it for care you pay for throughout the year
1. Don’t be surprised when your employer withholds taxes from your paychecks. That’s how you pay your taxes when you’re an employee. If you’re self-employed, you may have to pay estimated taxes directly to the IRS on certain dates during the year. This is how our pay-as-you-go tax system works.
2. As a new employee, you’ll need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Your employer will use it to figure how much federal income tax to withhold from your pay. The IRS Withholding Calculator tool on IRS.gov can help you fill out the form.
3. Keep in mind that all tip income is taxable. If you get tips, you must keep a daily log so you can report them. You must report $20 or more in cash tips in any one month to your employer. And you must report all of your yearly tips on your tax return.
4. Money you earn doing work for others is taxable. Some work you do may count as self-employment. This can include jobs like baby-sitting and lawn mowing. Keep good records of expenses related to your work. You may be able to deduct (subtract) those costs from your income on your tax return. A deduction may help lower your taxes.
5. If you’re in ROTC, your active duty pay, such as pay you get for summer camp, is taxable. A subsistence allowance you get while in advanced training isn’t taxable.
6. You may not earn enough from your summer job to owe income tax. But your employer usually must withhold Social Security and Medicare taxes from your pay. If you’re self-employed, you may have to pay them yourself. They count toward your coverage under the Social Security system.
7. If you’re a newspaper carrier or distributor, special rules apply. If you meet certain conditions, you’re considered self-employed. If you don’t meet those conditions and are under age 18, you are usually exempt from Social Security and Medicare taxes.
8. You may not earn enough money from your summer job to be required to file a tax return. Even if that’s true, you may still want to file. For example, if your employer withheld income tax from your pay, you’ll have to file a return to get your taxes refunded. You can prepare and e-file your tax return for free using IRS Free File. It’s available exclusively on IRS.gov.
1.Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov, by calling 800-772-1213 or from your local SSA office.
2. Change tax withholding. A change in your marital status means you must give your employer a new Form W-4, Employee’s Withholding Allowance Certificate. If you and your spouse both work, your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information.
3. Changes in circumstances. If you receive advance payment of the premium tax credit in 2014, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.
4. Address change. Let the IRS know if your address changes. To do that, file Form 8822, Change of Address, with the IRS. You should also notify the U.S. Postal Service. You can ask them online at USPS.com to forward your mail. You may also report the change at your local post office.
5. Change in filing status. If you’re married as of Dec. 31, that’s your marital status for the whole year for tax purposes. You and your spouse can choose to file your federal income tax return either jointly or separately each year. You may want to figure the tax both ways to find out which status results in the lowest tax.
Only the taxpayer who claims the person as a dependent on their tax return can claim the Dependent Care Credit for that child. There is an exception for the children of divorced or separated parents. The parent with whom the child lives the most number of nights (more than half the year) can claim the Dependent Care Credit, even if not claiming the child as a dependent.
1. Don’t ignore it. Don’t Panic. Read it and see what they want and why.
2. Determine if they are correct. According to the GAO, 48% of IRS notices are incorrect or incomplete.
3. Always respond by the date indicated. Send them any documents or explanations they ask for.
4. If you owe and can’t pay, call or write and work out terms. Remember their “Interest & Fees Clock” will continue to run until the balance is paid in full.
1. Schedule A: itemized deductions (medical bills, state and local taxes, real estate taxes, mortgage interest, charitable gifts, unreimbursed employee business expenses)
2. Schedule C: for reporting self-employment income and expenses
3. Schedule D: for reporting capital gains and losses
4. Schedule E: for reporting income and expenses from rental real estate
A Roth IRA is a retirement account that provides tax free growth. It differs from the traditional IRA in that your contributions are made with post tax dollars which gives you the advantage of only being taxed once. The contribution limits are the same, $5,500 per year ($6,500 if you are over 50). When you go to withdraw from the Roth any monies taken out are not taxable and you are not required to start taking them out at a set age which 70 ½ for the traditional IRA. As a result, it is a simple and effective tax sheltered account.