St. Petersburg CPA
& Tax Advisor
Since 1989
& Tax Advisor
Since 1989
727-328-2900
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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures: Timely points of particular interest
- Medicare Premiums-- The cost of Medicare Part B premiums increases for some retirees in 2009. The basic Part B premium remains at $96.40, but upper-income individuals must pay a higher amount, based on their adjusted gross income (AGI) for 2007. For example, a single filer with an AGI of $200,000 must pay $250.50 monthly. Good news: This is the final year of a three-year phase-in of increases.
- Payroll Tax Reversal-- Frequently, the IRS claims that workers have been misclassified as independent contractors rather than employees. About face: In a new case, the IRS argued that an industrial pipe fitting expert owed self-employment tax. But the Tax Court noted that the expert supervised workers, did not own any of the equipment and did not have a roster of other clients. Result: He was classified as an employee.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
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