Nondeductible Contributions to Traditional IRAs

Many people think IRAs come in two flavors. Traditional IRAs, as they’re known, often hold pretax dollars. They offer tax deferral, but you’ll owe income tax on withdrawals. Alternatively, Roth IRAs are funded with aftertax dollars. Earnings inside the account are...

Changes to your taxes and deductions for 2013

Keep in mind that the Social Security Payroll tax holiday expires at the end of 2012.  Starting in January of 2013, the employee’s share of payroll tax will go back to 6.2 percent from 4.2 percent. The IRS recently announced the standard mileage rates for 2013. ...

Planning for the 3.8 Percent Medicare Tax on Investment Income

The health care reform package (the Patient Protection and Affordable Care Act and the Health Care and education Reconciliation Act of 2010) imposes a new 3.8 Medicare contribution tax on the investment income of higher-income individuals. Although the tax does not...

New TJT Employees

TJT Outsource Accounting added two new employees recently.  Janna Winkler recently joined TJT Outsource Accounting as an account coordinator.  Janna has been a controller for three companies in Ohio and Indiana over the past 15 years and graduated from Miami...