New Tax Rules – Small Employer Deductible Limit Repeal

Are you a small business optical employer? If so you might be interested to know about the: Small Employer Deductible Limit Repeal The Patient Protection and Affordable Care Act (ACA) initially limited deductibles to $2,000 for self-only coverage and $4,000 for family coverage for health plans offered in the small group market (50 or fewer … [Read more...]

EyeHow: The 2014 HSA New Contribution Limits

Good news for those that use their  Health Saving Account (HSA) new contribution limits have been raised for 2014 as follows: Contribution limits 2013 Individual: $3,250 Family: $6,450 Contribution limits 2014 Individual: $3,300 Family: $6,550 Catch-up contributions $1,000 for an account holder age 55 or older What is an HSA? It … [Read more...]

EyeHow: First Quarter 2013 Tax Calendar

I can't believe I have to pay quarterly tax estimates already, oh but these are still of 2012 and it is now 2013! Jan 15 is the date for those of us that have to pay estimated taxes every quarter unless Form 1040 is filed by January 31, 2013 and any tax due is paid with the return! The higher employee payroll tax at 6.2%  is effective … [Read more...]

Optical Equipment Tax Tip

Briot USA  gave us a quick tip regarding the 2012 IRS Tax 179...did you know that they reduced it from $250,000 to $125,000 this last year? Even more important...they are reducing it to $25,000 next year. If you need new equipment or instruments NOW is the time especially if you are thinking about doing lens production and  in-office finishing? But … [Read more...]

3rd Quarter Tax Calendar 2012

Taxes are not our favorite subject but as a tax accountant once said to me "If you weren't making money you wouldn't be paying taxes, so shut-up complaining about the taxes and be glad you are making money!" I have to repeat that to myself every time I write a check with "United States Treasury" on it... enough said, no whining, here is the 3rd … [Read more...]

Second Quarter Tax Calendar 2012

Yikes, I just had to pay a big tax estimate for 2011 and first quarter 2012. My fault as I did not get tax return info to my tax accountant on time and I should have budgeted ahead so there were no surprises. You would think that as I post these alerts I would be on top of it. I am glad I use Paychex for employee payroll, it helps to make sure that … [Read more...]

First Quarter 2012 Tax Calendar

None of us like dealing with tax issues let alone paying them but we have to so might as well get on with it! Optical business owners should have already provided employees with their copies of Form W-2 for 2011. Here are some other important dates for the first quarter 2012 Tax Calendar: February 28: The government’s copy of Form 1099 series … [Read more...]

Tax Savings – Section 179 Reminder

Taking advantage of section 179 and the 100% bonus depreciation on new optical equipment before year end makes sound business sense for more reasons than just the savings. Economics teaches that there is a time to buy and a time to save. Savings is more lucrative when rates are high, so stash away your money. Buying makes sense when interest … [Read more...]

Jobs Proposal and Deficit Reduction Plan

Proposed to Congress on September 12, 2011, the jobs proposal and deficit reduction plan aims to cut the federal deficit by $3.2 trillion over the next 10 years and includes nearly $1.5 trillion in revenue provisions. Some of these provisions could potentially affect your optical business. On October 11, the Senate failed to pass the jobs … [Read more...]

Spend Tax Savings Wisely Plan Ahead

Bigger Section 179 Deduction: Your optical business may be able to take advantage of the temporarily increased Section 179 deduction. Under the Section 179 deduction privilege, an eligible business can often claim first-year depreciation write-offs for the entire cost of new and used equipment and software additions. For tax years beginning in … [Read more...]

Tax Calendar Reminder

Taxes are not our favorite subject and if you are like me, you might forget about them but celebrating July 4th reminded me - "No Taxation without Representation"!  So here is some useful upcoming tax calendar info for optical and all businesses from Alert in case you need that little memory jog: July 15: If the monthly deposit rule applies, … [Read more...]

Should You Employ Your Spouse?

This is definitely a loaded question but today we are just going to look at it from a tax point of view because 'tis the tax season and an optical practice is an ideal business for husband and wife e.g. optician and optometrist, office manager or book-keeper and optometrist or any combination of ECP's and optical staff. Many sole proprietors … [Read more...]

Optical Equipment Tax Break Reminder from Briot

We probably don't need to remind you Optical Equipment buyers that you can get a $250,000 tax deduction on qualifying optical equipment bought this year, 2010. Our friends at Briot pointed this out on their Facebook page earlier this year and we thought now was a good reminder as some ECP's will be looking at Optical equipment at Vision Expo West … [Read more...]

Deducting Optical Business Bad Debts

If debt collection is a problem for your optical business, deducting uncollectible (bad) debts from your tax bill may somewhat lessen the sting of simply writing them off. Here is some basic information on deducting business bad debts. First, the debt must be legitimate. A bona fide debt arises from a debtor-creditor relationship and is based on … [Read more...]

Section 125 Plan for Optical Employees and Optical Employers

Helping pay for health care is one of the most valued benefits that optical businesses can offer their employees. Even small optical businesses have the opportunity to help their vision care employees with insurance premiums or medical bills. With section 125 plans, employees can save pretax dollars to use toward medical dependent care expenses, or … [Read more...]