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Dugan & Lopatka, CPAs, PC
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End of summer means time for tax planning

As summer winds down, you might want to put serious tax planning on your agenda. Changes that have already taken place (the Supreme Court's decision on premium tax credits under the health insurance laws, for example) and those that are still in limbo (tax extenders) can affect what you'll pay this year.

The June Supreme Court decision upholding the premium tax credit means you'll want to schedule a review of your income to make sure the amount you're currently receiving is correct. The premium tax credit helps offset your health insurance policy premiums. If you requested that the credit be applied directly against what you're paying each month, this "advanceable" portion is based on your estimated income. Changes in your financial situation can affect how much you're eligible to receive, and could mean you will need to pay back part of the credit with your 2015 federal income tax return.

In addition, unless Congress acts before year-end, certain tax breaks called "extenders" may not be available for 2015. These breaks include the deduction for state and local sales taxes and the ability to make tax-free distributions from your IRA for charitable purposes.

To discuss your situation and find the strategies that are most beneficial for you, please call Dugan & Lopatka at (630) 665-4440.
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 IRS Announces New FSA Rule

Flexible spending accounts (FSAs) allow taxpayers to set aside pre-tax dollars to pay for out-of-pocket medical expenses. The drawback has been the fact that unused amounts each year are forfeited. Plans could provide a 2½ month grace period to use up unspent set-asides. 

Now a change announced by the IRS adds more flexibility to these accounts. Plans can be modified by employers to allow up to $500 of unused amounts to be carried over into the following year. Health FSAs cannot have both the old 2½ month grace period and the $500 carryover; they can have one or the other (or neither).

Call our office if you have questions.
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As year-end approaches, don't overlook this option to reduce your business taxes for 2013: accelerated write-offs for business asset purchases. For example, the Section 179 immediate expensing deduction lets you write off the cost of assets you purchase and place in service this year, including vehicles, equipment, and software. For 2013, the maximum Section 179 deduction is $500,000. Another example is the "bonus" depreciation deduction, which allows you to expense up to 50% of the cost of new assets, including those that might not qualify for Section 179.
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23 Things Every Business Needs To Know white paper now available at Dugan & Lopatka, CPAs' website for free download.  http://bit.ly/128iLnG
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IRS Offers Tips for Year-End Giving. IRS Videos: Exempt Organizations Select Check: English | Spanish Fair Market Value of Charitable Donations: English | Spanish | ASL. Podcasts: Exempt Organizations...
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Major Tax Deadlines For December 2012

*December 17 - Due date for calendar-year corporations to pay the last installment of 2012 estimated income tax.
     
*December 31 - Last day to set up a Keogh retirement plan for 2012. Deductible contributions for 2012 can be made any time up to the filing deadline for your 2012 return.

*December 31 - Deadline to complete 2012 tax-free gifts of up to $13,000 per recipient.

*December 31 - Deadline for paying expenses you want to be able to deduct on your 2012 income tax return.
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Divorce can be an emotionally draining process. If you are in the middle of one, you probably just want it to be over. But be careful. Divorce has serious tax implications, and the choices you make now may affect you for many years. Read more.
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Check your children's filing requirements

Your children may need to file a 2013 income tax return. A return is needed if wages exceeded $6,100, the child had self-employment income over $400, or investment income exceeded $1,000. If the child had both wages and investment income, other thresholds apply. Contact us for more information or filing assistance.
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1099 Reporting Due Soon

Nearly every company, large or small, has to file Form 1099-MISC with the IRS and send a copy to recipients by January 31, 2014.

You use Form 1099-MISC to report miscellaneous payments to nonemployees. This includes fees for services paid to independent contractors, such as consultants, lawyers, cleaning services, and others. Generally, you don't report fees paid to corporations, but there are exceptions (payments to lawyers, for example).

For details or filing assistance, contact our office.
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The delayed passage of the "American Taxpayer Relief Act of 2012" has put the IRS behind schedule. Due to several provisions of the law affecting 2012 tax returns, the IRS could not open the Form 1040 filing season for the majority of taxpayers until late January.

Those taxpayers filing Form 5695 (Energy Credit), Form 4562 (Depreciation), and Form 3800 (General Business Credit) will not be able to file until late February or possibly not until March. Apparently a large percentage of taxpayers in this group typically file later in the season because they have more complex returns.

The IRS must complete the updating of forms and computer programming and testing before it is ready to accept any filings either on paper or electronically. The IRS said that taxpayers will receive refunds faster by e-filing and using direct deposit.

If we can be of assistance to you in preparing any of your 2012 tax filings, please contact Dugan & Lopatka, CPAs at (630) 665-4440.
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Unless Congress acts by year-end, these are the changes you'll see in the tax rules effective January 1, 2013.

*SOCIAL SECURITY TAXES. Employee's share will increase to 6.2% after 2012, up from 4.2%.

*INCOME TAX RATES. 2012 rates of 10%, 15%, 25%, 28%, 33%, and 35% will change to 15%, 28%, 31%, 36% and 39.6% for 2013.

*CAPITAL GAINS. Maximum long-term rate will increase from 15% to 20% after 2012.

*DIVIDENDS. Top 15% rate will be eliminated; dividends will be taxed as ordinary income with a top rate of 39.6%.

*CHILD TAX CREDIT. Current $1,000 credit per qualifying child will be reduced to $500 after 2012.

*AMT. Exemption amounts will be $33,750 for singles, $45,000 for couples.

*ESTATE TAX. Top 2013 rate will increase to 55% (up from 35%); exclusion amount will be reduced to $1,000,000 (down from 2012 amount of $5,120,000).

*DEDUCTIONS & EXEMPTIONS. After 2012, higher-income taxpayers will again lose a portion of itemized deductions and personal exemptions.

*DEPRECIATION. Section 179 expensing limit will be reduced to $25,000, with a total qualifying property limit of $200,000, down from 2012 levels of $139,000 and $560,000 respectively. 50% bonus depreciation will expire.

*EDUCATION. Education savings account contribution limit will be $500, down from 2012 limit of $2,000. Expanded American Opportunity Credit will expire and be replaced by prior Hope Credit.

*TAX EXTENDERS. These tax breaks expired at the end of 2011: Teachers' classroom expense deduction, state and local sales tax deduction, tax-free charitable IRA distributions for those 70½ and older, higher education tuition deduction, business R&D credit, and 15-year depreciation for leasehold improvements and restaurant property.

Stay tuned. Congress and President Obama may agree to extend or revise some or all of these provisions. We'll keep you informed.
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Yes, that was a shock to many people. The Social Security employee tax rate increased a whopping 48%, from $42 to $62 ($20 increase) per $1000 ($20 / $42 = 48%)!
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104 E Roosevelt Rd Wheaton, IL 60187
104 East Roosevelt RoadUSIllinoisWheaton60187
(630) 665-4440duganlopatka.com
Certified Public Accountant, Financial Consultant
Certified Public Accountant
Financial Consultant
Tax Preparation
Tax Preparation Service
Today Closed
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Small and Mid-sized Privately-held Business Experts

Dugan & Lopatka is one of the largest public accounting firms in the Chicago area, but one of the only large CPA firms to specialize almost exclusively on privately-held, small and mid-sized businesses.

There is a noticeable difference between the level of service and personal attention provided by accounting firms that serve privately-held small and mid-sized businesses.  The small accounting firms lack the depth of staff, experience and expertise found at Dugan & Lopatka. The large accounting firms won’t dedicate their best people to small and midsized businesses and the partners are generally only involved for client billings. Small and mid-sized businesses are not their target market.

Dugan & Lopatka is dedicated to serving small and mid-sized, closely-held companies. Our clients can readily see that difference in our innovative ideas, the rewards we bring to them from having a great deal of experience working with companies like yours and through the quality and timeliness of our work.

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