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Fall Newsletter 2013 from Pescatore-Cooper, PLC
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Tony Pescatore
Rachel Cooper

Have you Voted?


Please help us continue our ranking by voting for our firm in the Ranking Arizona poll.  It takes just one minute to vote.  As a reminder, you can vote one time per email address, so please pass this along to your friends, family, and colleagues.
 
To cast your vote:
  1. Click on the Ranking Arizona image above
  2. Click on the Browse by category to vote.
  3. Select Finance and Professional as the main category.
  4. Select Accounting Firms as the sub category.
  5. Type Pescatore Cooper, PC.
  6. Enter your email address and click Cast my vote.
Thanks in advance for your vote and continued support!

Are you Prepared?


The end of the year is approaching quickly.  This is the time of year when tax planning begins.  Please contact our office to schedule your appointment today to prepare for the close of 2013!  Tax season is just around the corner!

OCTOBER
10/1 - Employers provide health-care exchange notices to employees

10/15 - Individuals file 2011 Form 1040 if you timely requested a 6-month extension

10/31 - Quarterly Payroll Tax Reports due

2013 Year End Tax Planning

JANUARY 2014
 
1/15 - Individuals pay fourth installment of estimated taxes for 2013

1/31 - Employers provide employees with From W2 and contracted employees with Form 1099-Misc

Obamacare

Affordable Care Act Insurance Marketplace


Effective October 1, 2013, all businesses that  have $500,000 in annual revenue and one or more employees (full or part time status) are required to give written notice to every employee about the Affordable Care Act’s health-care exchanges.  An employer who fails to give the required notice to all employees will be subject to a $100-per-day fine.  Employers can send the notices by mail or electronically. 

Effective January 1st, 2014, employers will have 14 days from the employees start date to provide a notice.

For more information:
  • Click here for employers who do not offer insurance
  • Click here for employers who offer coverage to some or all employees
Employers can also create their own notices, which must include:
  • Explanation of the marketplaces
  • Reference to www.healthcare.gov
  • Information about premium subsidies that may be available if employees purchase a qualified health plan through the marketplace
  • Notification that employees may lose their employer contribution to the health plan if it is obtained through the marketplace.
Please don't hesitate to contact us should you have any questions.

State of Arizona Contribution Changes


Section 529, College Savings Plans
Beginning 2013, the State of Arizona has increased the income tax deduction amount available for contributions to any state’s 529 College Savings Plan.  Married couples may deduct $4,000 when filing jointly and Single/Head of Household may deduct $2,000.  This is an increase from $1,500/$750, respectively.
 
Private School Tuition Organizations
Beginning 2013, the State of Arizona has increased the tax credit maximums for the Private School Tuition Credit.  The Original Individual Tax Credit (Form 323) has increased to $1,034 (Married Filing Joint-MFJ) and $517 (Single).  If this Original Individual Tax Credit is maximized, it allows the taxpayer to contribute to the Overflow/Plus Tax Credit (Form 348).  This credit has increased to $1,028 (MFJ) and $514 (Single).  Therefore, the total maximums between the two credits are $2,062 (MFJ) and $1,031 (Single).
 
The State of Arizona has kept the Public School ($400 MFJ/$200 Single), Working Poor ($400 MFJ/$200 Single) and Arizona Military Family Relief Fund  ($400 MFJ/$200 Single) credits in effect for 2013 with no changes in the maximum credit amounts.
 
Please remember, for these credits to count towards your 2013 State of Arizona taxes plus be a Federal Charitable Contribution Itemized Deduction, they must be completed on or before December 31, 2013.  The Private School Tuition Credit can be completed before April 15, 2014 to count towards 2013 State of Arizona taxes, but will not count towards your 2013 Federal Charitable Contribution Itemized Deduction until the year in which the contribution was paid.
Copyright © 2013 Pescatore-Cooper, PLC, All rights reserved.


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