Citrin Cooperman Accountants, New York, have a great article on how the new healthcare legislation's additional taxes will affect you in 2013. Now is the time to prepare.
How Obamacare Affects Small Business
Effective January 1, 2013, there will be a new 3.8% surtax on investment income. The IRS has released new rules explaining how this tax will apply to you. This new surtax was part of the Health Care Reform legislation (“PPACA”) passed in 2010.
Who Is Affected By New Taxes?
The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.
What Investment Securities Are Affected By New Taxes?
The tax applies to a broad range of investment securities ranging from stocks and bonds to commodity securities and specialized derivatives.
What Should Small Business Owners Do?
You should have at least one conversation with your accountant before you drink champagne to ring in the New York to find out how this will affect your business.
Some small businesses are breaking up into smaller entities, others are converting full timers to part-time staff. You may choose to shift some of your investments based on the penalities involved. Make time for that conversation NOW.
To read the full alert, please visit this link.
In your corner as always,
Dawn Fotopulos
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