To prepare for Affordable Care Act’s Medicare Surtax implications, taxpayers who receive investment income might consider electing to be taxed as an S-Corporation

By Candace Blair, CPA – Tax Manager

This past December, with all of the talk of the Fiscal Cliff and tax rate increases, millions of Americans sighed with relief when Congress passed and the President signed into law legislation that prevented taxes from going up on most Americans. The magic number was $450,000, in that taxes won’t go up on couples with less than $450,000 in adjusted gross income (AGI).

Alas, we should not be so quick with those sighs, though, since the magic number is actually $250,000.

Let me explain.

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SB&F Recent News

Sanford, Baumeister & Frazier, LLP  announced today that two new partners, Paul Majors, CPA and Carter W. Rouse, CPA, have joined the team. SB&F also announced the promotion of five employees: Candace Blair, CPA, to senior tax manager, Megan Terrell, CPA, to senior audit manager, Adam Renz and Shahid Charania to tax associates and Eddie Grand to tax intern. “We are very excited to welcome Paul and Carter to the SB&F team, as well as announce the promotions of five of our staff members,” said Rick Baumeister, managing partner at SB&F. “Each of our employees brings a unique set of skills and knowledge which continues to promote the growth of SB&F as a firm.” (more) 

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Helps Keep Parents Nearby at Difficult Times

With dark, curly hair and a warm, welcoming gaze, Mac looks lively as he greets visitors and staff alike at the colorful entrance to the Ronald McDonald House, a haven and refuge for families whose children are receiving medical treatment nearby. Located just south of Cook Children’s Medical Center in Fort Worth, the non-profit organization that runs the temporary housing facility has historically helped an average of about 830 families each year. And this year alone, the Fort Worth Ronald McDonald House completed an expansion to increase capacity by almost 60 percent, to 58 rooms. (more)