Kostecke CPA

All posts in Tax Preparation

Tax planning before filing your 2013 taxesIf you haven’t filed yet, here are four reason for doing some tax planning before filing your 2013 taxes.  For 2013’s taxes, there are new tax brackets, taxes, and phaseout limits that make tax planning even more important, as follows: Read more


Saving money on your taxesIf you are a procrastinator when it comes to tax planning, you are still in luck.  Saving money on your taxes is not too difficult if you happen to have good accounting practices and you keep current with changes to the tax code. Read more


Tax Complexities for Married Same-Sex Couples in WisconsinIn June 2013, the Supreme Court ruled Section 3 of the Defense of Marriage Act unconstitutional. Section 3 limited the definition of marriage to couples of the opposite sex. This change has broad impact on the tax code and on eligibility for certain employee and retiree benefits. The IRS has just begun to set up the rules Read more


Affordable Care Act subsidiesSubsidies to pay for health insurance under the Affordable Care Act (ACA) are available under the following criteria:

  • Income is no more than 400 percent of the federal poverty level for your household size.
  • Read more


Home office deductionThe IRS has an alternate way for you to calculate your home office deduction. Now, instead of keeping track of all of your household expenses for maintaining your home, such as utilities, insurance, maintenance, and lawn care, you can take a flat amount per square foot of office space. This can be a huge benefit to Read more


Internet sales tax problem revealedThere has been a lot of discussion about the proposed law to impose sales tax on internet sales. First of all, this is not a new tax. If you live in a state with a sales tax, you have always been required to pay “use tax” if the vendor did not collect sales tax. Very few people paid this tax, however, because it was hard to keep track of, or Read more


New Medicare taxesSummer is a great time to contemplate anything but your tax situation. However, this year there are two new taxes that could be significant to you that you should consider now. Both new taxes are related to Medicare funding and higher income taxpayers. Also, both new taxes hinge on how high your modified adjusted gross Read more


Charitable contributions and how to get your deduction rightCharitable deductions remain a great way to lower your tax bill while supporting your favorite good cause. There have been a lot of fraudulent charitable contributions reported, however, and the IRS is cracking down on it. As a legitimate charitable contributor, you want to make sure you get the deduction you should. Read more


Alternative Minimum Tax (AMT)I have been called out more than one time by clients when I start talking about AMT. Most people do not know what AMT is. In my opinion, that’s how it should be. However, this year you might be forced to become acquainted with AMT, so you should understand what it is and how Read more