Profile

Cover photo
Averett & Associates, PC
22 followers|3,864 views
AboutPostsPhotos

Stream

 
The deadline for the Utah Individual Healthcare Marketplace is quickly approaching. Make sure you let employees, friends, and family know that all applications must be completed by March 31, to qualify for subsidies and be exempt from the tax penalties of not having health insurance. For more information see Beehive Insurance's comprehensive online resource www.enrollingutah.com or them at 801-685-6860.
http://ow.ly/thWHk
1
Add a comment...
 
Tax Tip: January 31st is the deadline for your information returns to be distributed to the recipients. To make this reporting easier, remember if at all possible, get a completed Form W-9 from your service providers BEFORE you pay them. See IRS General Instructions for Certain Information Returns for more info. http://ow.ly/t5VDi
1
Add a comment...
 
2014 Figures
Social Security Wage Base: $117,000
401(k) Contribution Limit: $17,500 plus $5,500 if you're 50+
Social Security Earnings Limit: $15,480. Earn more & benefits are reduced.
Nanny Tax: $1,900. Pay more & you're responsible for payroll taxes.
1
Add a comment...
 
Wondering how a charitable donation can help your taxes. Read "Tax Strategies for Charitable Giving" on our blog. http://ow.ly/s4xRM
1
Add a comment...
 
Tis the Season of Giving! You can claim a deduction for charitable contributions only if you itemize deductions rather than taking the standard deduction.

If you pledge a charitable contribution, only the amount paid, not pledged, is deductible and only in the year actually paid.
1
Add a comment...
Have them in circles
22 people
Wim Lamers's profile photo
Eden Wagner's profile photo
Jean-Philippe Chetcuti's profile photo
 
Equipment Write-Off Decreases for 2014
In recent years, businesses could expense up to $500,000 of equipment purchases in the year of purchase, with a $2,000,000 annual purchase limit. In addition, bonus depreciation was allowed for new equipment purchases.

Because Congress did not extend these provisions for 2014, businesses can now only expense $25,000 of new or used equipment purchases. The deduction is reduced dollar-for-dollar when total asset purchases for 2014 exceed $200,000. Also, the 50% bonus depreciation that applied in 2013 is no longer available.

Check with us for the latest when you're making equipment purchasing decisions this year.
1
Add a comment...
 
January 31st:
IRS 2014 filing season opens
Individuals who file 2013 tax returns and pay by the 31st don't need to make an estimated payment by the 15th
Deadline for employers to provide 2013 W-2s to employees
Payers must furnish payees with Form 1099s
Deadline for employers to file annual federal unemployment tax returns
1
Add a comment...
 
We posted some 2014 Affordable Care Act changes on our firm blog. Check it out and see if anything applies to you. http://ow.ly/smL7V
1
Add a comment...
 
IRS now allows employers to permit up to $500 carryover of funds to next year in health flexible spending accounts (FSAs). Check to see if your company has amended its plan.
1
Add a comment...
 
We hope everyone had a wonderful holiday!
1
Add a comment...
People
Have them in circles
22 people
Wim Lamers's profile photo
Eden Wagner's profile photo
Jean-Philippe Chetcuti's profile photo
Contact Information
Contact info
Phone
(801) 506-0606
Email
Fax
(801) 506-0607
Address
5675 S Redwood Rd #12 Salt Lake City, UT 84123
Story
Tagline
Outstanding accounting services responsive to YOUR specific needs
Introduction
Averett & Associates, PC provides outstanding tax, accounting, payroll, and other business and individual advisory services throughout the Salt Lake City area. We work with our clients to provide relevant, timely advice to assist them in growing their businesses, save on federal and state income taxes, and to maintain accurate accounting records.