Meara Welch Browne, P.C. - Certified Public Accountants

Top Tax Mistakes Businesses Make: The IRS strikes fear in the hearts of taxpayers. Tax goofs generally lead to a letter from the IRS, something most of us want to avoid. Avoiding mistakes can help you save money and reduce anxiety. Here are seven of the top tax mistakes businesses make, along with suggestions on how to avoid them.
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Patient Protection and Affordable Care Act: Revenue raisers

· Increased Medicare tax on employees of .9% on earned income in excess of $200,000 for individuals and $250,000 for joint filers (rate increased from 1.45% to 2.35% ) beginning in 2013

· Imposition of Medicare tax on unearned income at 3.8% of investment income for adjusted gross income in excess of $200,000 for individuals and $250,000 for joint filers beginning in 2013
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Highlights of The Pension Protection Act of 2006: Pension and Savings Provisions Economic Growth and Tax Relief Reconciliation Act of 2001 provisions extended permanently including expanded IRA and 401(k) contribution limits and additional IRA and 401(k) contributions for those age 50+; and income limits for traditional, spousal, and Roth IRAs indexed for inflation ...more...
Donations for Tsunami Relief: President Bush signed legislation on Friday, January 7, 2005 allowing cash donations made in January, 2005 for Tsunami Relief to be deductible on 2004 tax returns. ...more...
Highlights of “Working Families Tax Relief Act of 2004”
By: , CPA, CFP, Meara, King & Co. Certified Public Accountants: The President signed the Working Families Tax Relief Act of 2004 today (October 4, 2004). If you have any questions about how the changes affect you or planned transactions or if you need additional information, please contact us. ...more...
IT’S YEAR-END TAX PLANNING TIME!
By: , CPA, CFP, Meara, King & Co. Certified Public Accountants: In light of the lower tax on capital gains and qualified dividends and the impact the alternative minimum tax has on your tax situation, 2004 is a very important year for tax planning. ...more...
KANSAS LEARNING QUEST DEDUCTIONS INCREASED: Beginning in 2005, Kansas will increase the deduction for contributions made to the Kansas Learning Quest program, the Qualified Tuition Program available for the state of Kansas. Such plans are also known as Section 529 plans for the section of the Internal Revenue Code that authorizes these plans. ...more...
The Cost of Employer-Provided Trips May Be Tax-Free to Employees: "Working condition fringe" benefits may be excluded from an employee's wages. Working condition fringes are property or services provided to employees that would be allowable as deductions to those employees if they had paid for such property or services. ...more...
Job Creation and Worker Assistance Act of 2002
By: , CPA, CFP, Meara, King & Co. Certified Public Accountants: In March Congress passed and the President signed an economic stimulus bill called the Job Creation and Worker Assistance Act of 2002. This bill includes several retroactive tax incentives along with other beneficial tax law changes. ...more...
Save Money for College with MO$T:
By: , Meara, King & Co.: Whether you are looking to save money on your taxes, set money aside for someone or both, MO$T can provide the best of both worlds. MO$T is Missouri’s qualified state tuition program. The tax benefits can be highly advantageous, and there are very few restrictions on establishing such a savings plan. Perhaps most importantly, MO$T, like other qualified state tuition programs, has no income limitations, thus allowing families of any income level to take advantage of this program. ...more...
Highlights of Tax Relief
By: , CPA, CFP, Meara, King & Co. Certified Public Accountants: On November 18, 1999, the House passed the Tax Relief Extension Act of 1999, and on November 19, 1999, the Senate passed the bill. President Clinton signed this bill into law on December 17, 1999. ...more...
Recent Tax Developments: Recent tax developments in Group-term life insurance, required ammendments for qualified plans, electronic tax deposits, retroactive estate tax increas, and casualty losses. Also, the Taxpayer Refund and Relief Act of 1999. ...more...
Home Office Deduction Now Available to More People
By:: It is estimated that by the year 2000, as many as 11 million people will spend at least part of their workweek in their home office. Effective January 1, 1999, Congress made the home office deduction available to more people. This change, which will benefit both sole proprietors and employees working from home, comes in the form of a broader definition of "principal place of business." ...more...
Federal Tax Credits -- WOTC & WTWC
By: Llana R. Patterson: Corporations have seen a decrease in available tax saving strategies over the past 23 years. However, there are several new or revised credits available. Two employment-related credits are the Work Opportunity Tax Credit (WOTC) and the Welfare-to-Work Tax Credit (WTWC). ...more...
Tax and Trade Relief Extension Act of 1998: On Wednesday, July 22, 1998, President Clinton signed into law the Internal Revenue Service Restructuring and Reform Act of 1998. The new law changes the way the IRS is organized, addresses the myriad problems in the 1997 tax law changes (technical corrections), and grants additional benefits to taxpayers. ...more...
Missouri Tax Credits
By:: Missouri has tax credits available to both businesses and individuals. The Neighborhood Assistance Program (NAP) and the Youth Opportunities Tax Credit Program (YOP) offer credits against Missouri taxes for qualified charitable contributions to approved agencies. ...more...
Look for Your Additional 1995 and 1996 Missouri Tax Refunds
By: Jason L. Janzen: The Missouri Department of Revenue began mailing tax refund checks on February 2, 1998, for the tax years 1995 and 1996. ...more...

Meara Welch Browne, P.C. | 800 West 47th Street, Suite 430 | Kansas City, MO 64112-1246 | 816-561-1400 | 816-561-6296 fax