About Yulia Petrovskaya

Yulia is a Manager at Bregante + Company LLP providing tax and audit services to a diverse client base composed of closely held companies, high net worth individuals, and non-profit organizations.

Q&A on the Net Investment Income Tax

The IRS has released final regulations on the new Net Investment Income Tax (NIIT) that took effect on Jan 1, 2013.  The 3.8% tax applies to certain net investment income of individuals, estates, and trusts that have income above certain threshold amounts. A newly compiled Q&A page on the NIIT is available on the IRS website, and it provides lots of guidance including thresholds, types of income that are considered investment income,  clarifications regarding gains on sales of  personal residences, and several examples to help us better understand the new tax.

The NIIT is one of the many tax changes that are happening in the 2013 tax year. If you haven’t yet done […]

By |December 2nd, 2013|Categories: Business Tax, Individual Tax, Retirement Planning|Tags: , , |Comments Off on Q&A on the Net Investment Income Tax

2013 Tax Data Quick Reference Guide

The California Society of CPAs has published a very useful quick reference resource that includes 2013 federal and California tax data, rate schedules and an abundance of other information in an easy to use format.  The information in the online version will be updated for any tax law changes.  The PDF download is available at www.calcpa.org/fasttaxfacts

 

 

By |November 26th, 2013|Categories: Business Tax, Individual Tax|Tags: , |Comments Off on 2013 Tax Data Quick Reference Guide

2013 Tax Planning Guide

Our 2013 Tax Planning Guide addresses many important topics to help you with 2013 year end tax planning. Here is the PDF version 2013 Tax Planning Guide and here is the link to the web version.

Some of the topics covered in the Guide are:

  • The new 20% capital gain tax rate
  • The new 3.8% Medicare tax on net investment income
  • The new 0.9% Medicare tax on earned income
  • Planning for restricted stock and stock options
  • Planning for real estate investments
  • Succession and retirement planning for business owners
  • Charitable giving strategies

Feel free to share the Guide with friends and family who you think […]

By |November 26th, 2013|Categories: Business Tax, Individual Tax|Tags: , , , |Comments Off on 2013 Tax Planning Guide

IRS Released 2014 Limits to Contributions and Deductions

The IRS has released 2014 cost-of-living adjustments for many tax-related items. Here are some highlights:

– The 401(k) and 403(b) contribution limit remains unchanged at $17,500, as does the catch-up contribution limit for employees age 50 or older ($5,500).

-The IRA contribution limit remains unchanged at $5,500, as does the catch-up contribution limit for individuals age 50 or older ($1,000).

-The limitation for itemized deductions claimed on tax year 2014 returns of individuals begins with incomes of $254,200 or more ($305,050 for married couples filing jointly).

-The personal exemption rises to $3,950.

-The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013. The standard deduction for heads of […]

By |November 4th, 2013|Categories: Business Tax, Individual Tax|Comments Off on IRS Released 2014 Limits to Contributions and Deductions

Tax Advantaged Accounts for Health Care Expenses

With the Affordable Care Act coming fully on-line in 2014, now would be a good time to review the four types of tax-advantaged accounts that can be used to pay for unreimbursed medical expenses.  The Congressional Research Service has published a report that summarizes the key components of Health Care Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), Health Savings Accounts (HSAs), and Archer Medical Savings Accounts (MSAs), including how they are affected by the Affordable Care Act. Read more on FAS.org

By |October 28th, 2013|Categories: Business Tax, Individual Tax|Tags: , , , |Comments Off on Tax Advantaged Accounts for Health Care Expenses
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