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February 20, 2013
Over the Fiscal Cliff for Tax Savings (Part 2)

ARDMORE, Pa. — Package renews more than 50 temporary tax breaks through 2013

ARDMORE, Pa. — The so-called “fiscal cliff” tax package recently signed into law renewed more than 50 temporary tax breaks through 2013, saving individuals and businesses an estimated $76 billion. For the owners and operators of small- and medium-sized dry cleaning businesses, there is good news and bad news contained in the fiscal cliff tax laws.

First, the good news: greater certainty in taxes. The owners and operators of dry cleaning businesses have grown used to many longstanding tax breaks but they also have had to get used to the uncertainty of whether they will be renewed each year.

On the downside, in addition to a 3.8% Net Investment Income (NII) tax and a 0.9% Additional Medicare tax that, thanks to the Health Care and Education Reconciliation Act of 2010, began in 2013, many dry cleaners and laundry owners discovered they are subject to new taxes. Single individuals with incomes above the $400,000 level and married couples with income higher than $450,000 will pay more in taxes in 2013.

February 19, 2013
Over the Fiscal Cliff for Tax Savings (Part 1)

ARDMORE, Pa. — Package renews more than 50 temporary tax breaks through 2013

ARDMORE, Pa. — The so-called “fiscal cliff” tax package recently signed into law renewed more than 50 temporary tax breaks through 2013, saving individuals and businesses an estimated $76 billion. For the owners and operators of small- and medium-sized dry cleaning businesses, there is good news and bad news contained in the fiscal cliff tax laws.

First, the good news: greater certainty in taxes. The owners and operators of dry cleaning businesses have grown used to many longstanding tax breaks but they also have had to get used to the uncertainty of whether they will be renewed each year.

On the downside, in addition to a 3.8% Net Investment Income (NII) tax and a 0.9% Additional Medicare tax that, thanks to the Health Care and Education Reconciliation Act of 2010, began in 2013, many dry cleaners and laundry owners discovered they are subject to new taxes. Single individuals with incomes above the $400,000 level and married couples with income higher than $450,000 will pay more in taxes in 2013.

November 14, 2012
Obamacare: What Healthcare Reform Means to Your Dry Cleaning Business

NEW YORK CITY — Will premiums go down? Will it be easier to shop for insurance? Will available policies offer better coverage?

NEW YORK CITY — It’s the nation’s most comprehensive health insurance reform since Medicare. And it’s been endorsed as constitutional by the U.S. Supreme Court.

Now, how will the Patient Protection and Affordable Care Act (PPACA) affect your dry cleaning business? Will your premiums go down? Will it be easier to shop for insurance? Will the available policies offer better coverage? And will you be protected from those profit-busting price hikes that so often occur when one employee in a small group gets seriously ill?

We’ll answer your most important questions at the end of this article. Here’s one thing to get out of the way first, though: No employer will be required to provide health insurance. However, some employers, as you will see, will pay penalties if they do not provide insurance and their employees decide to buy insurance from the new statewide insurance pools.

June 22, 2010
What Healthcare Reform Means to You

CHICAGO — The details of the recently passed healthcare-reform bills and their impact on businesses can be confusing. A recent webcast from accounting firm Grant Thornton LLP offered an analysis of the reforms and their impact.

Presenters discussed the potential tax implications to employers and individuals, including tax penalties and other revenue-generating provisions. The webcast also discussed changes to Medicare and Medicaid, and more.

March 10, 2010
Payroll Penalties

With local, state and federal governments suffering the effects of the economic downturn, it should come as no surprise to anyone in the industry that tax laws will be subject to stricter enforcement to shore up plummeting revenues. What might come as a surprise is just how far the tax collector’s reach can extend, however.