Monthly Archives: November 2012

Tax Law Changes and the Fiscal Cliff!

After last Tuesday’s election results, much of the discussion around politics has shifted from political ads – to discussion about the upcoming “Fiscal Cliff” and what is going to happen at the end of 2012 with your taxes.

What is the “Fiscal Cliff”?

In simple terms – we have a set of tax laws that will be expiring at the end of 2012, with no real plan or direction of what will happen next.  If nothing is done, the clock will go back to tax laws from many years ago – and this is not good.  There is a lot of discussion out there about what might happen between now and December 31st – but no one knows for sure.

How does this effect you?
We all will see an impact in one way or another.  We just don’t know how yet.  For planning purposes, we have been limited based on this lack of future direction with our tax policies.  I can honestly say that I have never quite seen it so dysfunctional in all my years of working in the tax business.  
With that being said, at Business By Design, we will be carefully watching what develops and keeping you informed of what changes will be applying to your situation.  We would love to be able to give you more specific information now, but there really is nothing to give.  
Hang on tight – we will be letting you know more about this “Fiscal Cliff” at the end of the year quickly approaches.

ATTENTION – S-Corporation Owners. . . 2012 Health Insurance Reporting.

If you have an S-Corporation and you want to deduct 100% of your Health Insurance Premiums, you are REQUIRED to have your TOTAL PREMIUMS PAID IN 2012 reported on your year end W-2 forms.

If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2012.  For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:

If BUSINESS BY DESIGN processes your payroll tax returns –

CLICK HERE:  Health Ins Reporting Requirement BBD Payroll – 2012.pdf  


CLICK HERE:  Non-BBD Payroll Clients – HI reporting 2012.pdf