 We have just posted the January 2013 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of these headlines.
HEALTH CARE REFORM PROVISIONS GO INTO EFFECT Several provisions in the 2010 health care reform legislation go into effect this year. Here are some of the tax provisions that may affect you. DOES YOUR BUSINESS HAVE THIS VITAL DOCUMENT? Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners. DON'T OVERLOOK TAX PLANNING IN A DIVORCE Tax rules are daunting at the best of times -- and they're more so at the worst of times, such as during a divorce, when you may feel too stressed to face decisions involving your taxes. Yet the choices you make will affect your future, both financially and personally. Just click on the link below to read the full articles. http://www.planningtips.com/Planning_Tips.asp?Co_ID=150871&Tip_ID=6850_ID=6850 If you have a special business issue or problem that you think you may need somehelp to resolve, we could possibly provide you with answers. Our initial meeting is complimentary , so contact us today at (630) 320-3720 or e-mail us at [email protected]. "WE WANT TO HELP". We do hope that you get a chance to visit our Website atwww.monarchfinancialllc.com . Our Website visitors especially like our TAX TIP of the week, and our FINANCIAL CALCULATORS links. These calculators provide answers to the questions that our clients ask us the most. Art Bradley CPA & Don Wittmer CPA Monarch Financial Group, LLC Office: (630) 320-3720 [email protected] [email protected]
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 We have clients who have part time and full time positions available.
They have full and part time positions for people who have experience in preparing payrolls. They also have full and part time positions available for people have who have experience in working with QuickBooks Accounting Software. You can send your resume by e-mail to: [email protected] Or you can mail your resume to: Job Openings Monarch Financial Group, LLC 118 S. Washington Street Hinsdale, Illinois 60521  If the subject of this interests you, just Click here for detailed information.
Need professional help? One Hour "Free" Consultation. No Cost or obligation. Contact us today. We help you solve your business and financial problems. We use our knowledge and experience to help you become more profitable. Contact us today. Since the initial consultation is free you have everything to gain and nothing to lose. Need help with your accounting, your taxes, your payroll or QuickBooks? No cost or obligation for our initial consultation. Call us today at (630) 320-3720 or e-mail us at[email protected]. We would like to help you. You can also find links to your On Line Advisor E-Newsletter and your Calculators on our website atwww.monarchfinancialllc.com. Art Bradley CPA & Don Wittmer CPA Monarch Financial Group, LLC 118 S. Washington Street Hinsdale, Illinois 60521 Phone (630) 320-3720 [email protected] [email protected]  Taxes and government spending are going to be on the agenda in Washington during 2013. Where does that leave health care reform, the legislation passed in 2010 overhauling the health care system in this country?
Here's a quick update that covers provisions in the health care legislation that have already gone into effect and those that, absent any changes made in the coming months, will go into effect in 2013 and thereafter. The following provisions have already taken effect: · A 10% tax is assessed on indoor tanning services. · Small businesses with fewer than 25 full-time employees may qualify for a tax credit for the cost of purchasing health insurance for their employees. · Children can remain on their parents' insurance policies up to age 26. Private lending for student loans is replaced with loans directly from the federal government, cutting loan fees. · A 50% discount on brand-name drugs for those with Medicare drug coverage helps to offset costs in the "donut hole." · Over-the-counter medications can no longer be paid for with funds in health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement accounts (HRAs). · The additional tax on nonqualified distributions from health savings accounts (HSAs) increases from 10% to 20%. The provisions that will take effect in 2013 include the following: FSA limits The amount that can be contributed to a health flexible spending account (FSA) is limited to $2,500 per year, indexed annually for inflation. Medical expense deduction The 7.5% income threshold for deducting unreimbursed medical expenses increases to 10% for those under age 65. Those 65 and older may continue to take an itemized deduction for medical expenses exceeding 7.5% of adjusted gross income through the year 2016. Executive pay limit The compensation deduction for certain health insurance companies is limited to $500,000 per year for high-level executives. Medicare tax increase The payroll Medicare tax will increase from 1.45% of wages to 2.35% on amounts above $200,000 earned by individuals and above $250,000 earned by married couples filing joint returns. The income threshold levels are not indexed for inflation. A new 3.8% Medicare tax will be imposed on unearned income for single taxpayers with income over $200,000 and married couples with income over $250,000. Examples of unearned income: interest, dividends, royalties, rental income. Medical device tax A 2.3% excise tax is imposed on the sale of certain medical devices. Provisions scheduled to take effect in years after 2013 include the following: Coverage required starting in 2014 Individuals who are not covered by Medicare, Medicaid, or other government health insurance are generally required to maintain health insurance coverage or pay a penalty. Penalties are calculated using a percentage of the taxpayer's income or a flat dollar amount. Subsidies and tax credits are available to help lower-income taxpayers pay for coverage. · Health insurance exchanges are established by states to enable people to comparison shop for coverage. · Large employers generally must provide coverage for employees or face penalties. · Tax credits increase from 35% to a maximum 50% of premiums paid by qualifying small businesses that provide coverage for their workers. The credit available to nonprofit employers increases from 25% to 35%. Health industry fee in 2014 An annual fee is assessed on the health insurance industry, starting at $8 billion in 2014 and increasing over the following years. Tax on "Cadillac plans" in 2018 · Insurance companies will be assessed a 40% excise tax on health insurance plans with annual premiums exceeding $10,200 for individual coverage and $27,500 for family coverage. An increase in the threshold amount is allowed for retired persons who are age 55 or older (an additional $1,650 for single coverage and $3,450 for family coverage). These increased thresholds also apply for plans that cover those engaged in high-risk occupations. · Certain provisions in the original health reform legislation have already been changed or repealed. For example, the law originally required Form 1099 reporting for payments over $600 made to corporations. That requirement has been repealed, and reporting is again generally required only for payments over $600 made to unincorporated businesses. Congress may amend or repeal provisions in the health care reform law, either before their scheduled effective date or retroactively. Or the law may survive largely intact. Clearly, the massive law will affect every taxpayer. For guidance in your individual and business tax planning under the often-complicated health reform legislation, contact our office. Art Bradley CPA & Don Wittmer CPA Monarch Financial Group, LLC 118 S. Washington Street Hinsdale, Illinois 60521 Phone (630) 320-3720 [email protected] [email protected]  Taxes and government spending are going to be on the agenda in Washington during 2013. Where does that leave health care reform, the legislation passed in 2010 overhauling the health care system in this country?
Here's a quick update that covers provisions in the health care legislation that have already gone into effect and those that, absent any changes made in the coming months, will go into effect in 2013 and thereafter. The following provisions have already taken effect: · A 10% tax is assessed on indoor tanning services. · Small businesses with fewer than 25 full-time employees may qualify for a tax credit for the cost of purchasing health insurance for their employees. · Children can remain on their parents' insurance policies up to age 26. Private lending for student loans is replaced with loans directly from the federal government, cutting loan fees. · A 50% discount on brand-name drugs for those with Medicare drug coverage helps to offset costs in the "donut hole." · Over-the-counter medications can no longer be paid for with funds in health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement accounts (HRAs). · The additional tax on nonqualified distributions from health savings accounts (HSAs) increases from 10% to 20%. The provisions that will take effect in 2013 include the following: FSA limits · The amount that can be contributed to a health flexible spending account (FSA) is limited to $2,500 per year, indexed annually for inflation. Medical expense deduction · The 7.5% income threshold for deducting unreimbursed medical expenses increases to 10% for those under age 65. Those 65 and older may continue to take an itemized deduction for medical expenses exceeding 7.5% of adjusted gross income through the year 2016. Executive pay limit · The compensation deduction for certain health insurance companies is limited to $500,000 per year for high-level executives. Medicare tax increase · The payroll Medicare tax will increase from 1.45% of wages to 2.35% on amounts above $200,000 earned by individuals and above $250,000 earned by married couples filing joint returns. The income threshold levels are not indexed for inflation. · A new 3.8% Medicare tax will be imposed on unearned income for single taxpayers with income over $200,000 and married couples with income over $250,000. Examples of unearned income: interest, dividends, royalties, rental income. Medical device tax · A 2.3% excise tax is imposed on the sale of certain medical devices. Provisions scheduled to take effect in years after 2013 include the following: Coverage required starting in 2014 · Individuals who are not covered by Medicare, Medicaid, or other government health insurance are generally required to maintain health insurance coverage or pay a penalty. Penalties are calculated using a percentage of the taxpayer's income or a flat dollar amount. Subsidies and tax credits are available to help lower-income taxpayers pay for coverage. · Health insurance exchanges are established by states to enable people to comparison shop for coverage. · Large employers generally must provide coverage for employees or face penalties. · Tax credits increase from 35% to a maximum 50% of premiums paid by qualifying small businesses that provide coverage for their workers. The credit available to nonprofit employers increases from 25% to 35%. Health industry fee in 2014 · An annual fee is assessed on the health insurance industry, starting at $8 billion in 2014 and increasing over the following years. Tax on "Cadillac plans" in 2018 · Insurance companies will be assessed a 40% excise tax on health insurance plans with annual premiums exceeding $10,200 for individual coverage and $27,500 for family coverage. An increase in the threshold amount is allowed for retired persons who are age 55 or older (an additional $1,650 for single coverage and $3,450 for family coverage). These increased thresholds also apply for plans that cover those engaged in high-risk occupations. · Certain provisions in the original health reform legislation have already been changed or repealed. For example, the law originally required Form 1099 reporting for payments over $600 made to corporations. That requirement has been repealed, and reporting is again generally required only for payments over $600 made to unincorporated businesses. Congress may amend or repeal provisions in the health care reform law, either before their scheduled effective date or retroactively. Or the law may survive largely intact. Clearly, the massive law will affect every taxpayer. For guidance in your individual and business tax planning under the often-complicated health reform legislation, contact our office. Art Bradley CPA & Don Wittmer CPA Monarch Financial Group, LLC 118 S. Washington Street Hinsdale, Illinois 60521 Phone (630) 320-3720 [email protected] [email protected]  After you finish your turkey and open up your new tech-related gadgets this holiday season, ask yourself about your business and the direction of its technology. You may not know that the new phones and tablets you just unwrapped can hold most of your office productivity while you are “on the go.” This article offers three ways to keep your office and its employees synchronized across multiple devices for the most productive business communication.
Phone Synchronization: Hosted Voice Over IP (VOIP) is the affordable future of small business phone systems. With the push of a button on your smartphone, your phone extension will immediately travel with you wherever you go. If your offices power goes out, you can instantly make each employee’s smartphone their own extension, minimizing any communication downtime. Seamless voice interaction between multiple locations is becoming the standard for small businesses communication. Document Synchronization: Services such as Dropbox and Skydrive are not only great synchronization tools, but they also offer a reliable backup solution. These free services will allow your documents to be viewed and created on any computer or smartphone you install it on. For example, when you change a document on your phone or iPad while on vacation in China, your office in Hinsdale immediately sees it. Having your documents in multiple locations will also keep an up to date backup if one of your devices were to fail. Email Synchronization: Microsoft Exchange is the world’s leading business communication and collaboration platform. MS Exchange allows your emails to synchronize wirelessly between all of your devices, your contacts to synchronize, and your calendar to be shared between office employees. Hosted Exchange is the affordable alternative for businesses with 35 employees or fewer. Before upgrading your expensive Exchange server, talk to an experienced IT consultant about how you can save thousands of dollars in Windows licensing, hardware and technical consulting. As a small business technology consultant, it is our job to keep your business aware of the best, time-tested features that your employees can benefit from. Drawn by the efficiency, simplicity and low cost of data synchronization, small business owners across the country are quickly adopting new ways to keep their office productivity growing. For more information or questions regarding your small business technology, please call Errol Janusz, Owner of Edward Technology at 630.333.9323 X303. Complete Business IT Consulting – Hosted Exchange – Web/Graphic Design – Computer Repair  If the subject of this e-mail interests you, just Click here for detailed information.
Need professional help? One Hour "Free" Consultation. No Cost or obligation. Contact us today. We help you solve your business and financial problems. We use our knowledge and experience to help you become more profitable. Contact us today. Since the initial consultation is free you have everything to gain and nothing to lose. Need help with your accounting, your taxes, your payroll or QuickBooks? No cost or obligation for our initial consultation. Call us today at (630) 320-3720 or e-mail us at [email protected]. We would like to help you. You can also find links to your On Line Advisor E-Newsletter and your Calculators on our website at www.monarchfinancialllc.com. Art Bradley CPA & Don Wittmer CPA Monarch Financial Group, LLC 118 S. Washington Street Hinsdale, Illinois 60521 Phone (630) 320-3720 [email protected] [email protected]  December Outlook
Mortgage rates continue to hover at near record lows which have been helping fuel the housing recovery. Last week housing news was dominating the headlines with big jumps in pending home sales and housing starts. This week the bulk of economic data is on the labor market. Wednesday is the start of the employment report with ADP’s National Employment. Friday’s data includes Non-farm payrolls, the unemployment rate, average earnings, and consumer sentiment. The last employment report from October was a gain of 171,000 jobs, but economists are expecting lower numbers for November. Now that December has begun we can expect more uncertainty as the fiscal cliff deadline rapidly approaches. The cliff may impact this week’s employment numbers as employers have been reluctant to hire with the looming tax increases and spending cuts. Super storm Sandy will also be affecting hiring this month. Linus Schwemer Senior Loan Officer NMLS #191784 1st Advantage Mortgage, a Draper and Kramer company 630-376-0477 (Phone) 630-261-2209 (Fax) 630-638-5702 (Cell) [email protected] www.linusschwemer.com  If the subject of this interests you, just Click here for detailed information.
Need professional help? One Hour "Free" Consultation. No Cost or obligation. Contact us today. We help you solve your business and financial problems. We use our knowledge and experience to help you become more profitable. Contact us today. Since the initial consultation is free you have everything to gain and nothing to lose. Need help with your accounting, your taxes, your payroll or QuickBooks? No cost or obligation for our initial consultation. Call us today at (630) 320-3720 or e-mail us at [email protected]. We would like to help you. You can also find links to your On Line Advisor E-Newsletter and your Calculators on our website at www.monarchfinancialllc.com. Art Bradley CPA & Don Wittmer CPA Monarch Financial Group, LLC 118 S. Washington Street Hinsdale, Illinois 60521 Phone (630) 320-3720 [email protected] [email protected] D&R Secretarial Services ACN
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