FF&F News & Events


Additional 0.9 percent Medicare tax on wages starts January 1st

President Obama’s health care package enacted two new taxes that take effect January 1, 2013. One of these taxes is the additional 0.9 percent Medicare tax on earned income; the other is the 3.8 percent tax on net investment income. The 0.9 percent tax applies to individuals; it does not apply to corporations, trusts or estates. The 0.9 percent tax applies to wages, other compensation, and self-employment income that exceed specified thresholds.

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Bonuses and year-end tax planning

As the end of the calendar year approaches, taxpayers ordinarily prefer to minimize current-year income by deferring the inclusion of taxable income to the following year, while accelerating deductions to the current year.

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CT – Tax filing, payment deadlines extended

The Connecticut Department of Revenue Services has announced that due to the continuing impact of Storm Sandy, the deadline for tax filings and payments due October 31, 2012, has been extended to the end of business on November 7, 2012.

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CA – Rate could increase in 2013

The California statewide sales and use tax rate could increase by 0.25% for four years from January 1, 2013, to December 31, 2016, if California voters approve Proposition 30.

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NJ – Disabled veteran eligible for exemption

A veteran was eligible for a New Jersey local property tax exemption for his dwelling for tax year 2011 based on disabilities he suffered from exposure to enemy chemical agents in the course of military service in Operation Northern Watch/Southern Watch pursuant to N.J.S.A. 54:4-3.30 and N.J.S.A. 54:4-8.10.

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