W. Edward Newton Jr., CPA, CFP | 13850 Ballantyne Corporate Place, Suite 500 | Charlotte, NC 28277 | 704-552-8689

 

 

Financial Services by Newton Financial Network

Ed Newton, CPA, CFP

As a Certified Financial Planner I recently attended a financial services workshop in Indianapolis, IN.

It was hosted by Archer Funds, the registered advisor firm we work through to provide financial advice to our clients here in the Charlotte / Mecklenburg County area.

This forum allowed for two days of learning and networking. Speakers included the President of Archer Funds, Troy Patton, who spoke on the state of the market.

Troy is known for understanding how world events and complex factors affect our U.S. Market.

Steve Demas, Portfolio Manager, spoke on client services. Steve has a long history of working with clients on their personal finances and individual investments before dedicating all of his time to researching appropriate investments for the Archer portfolios.

John Rosebrough, Chartered Financial Analyst, provided insight into the technical aspects of portfolio management.

Troy, Steve and John actively manage the Archer Funds and the portfolios that are built around these funds. We offer investment advice through our Newton Financial Network.

For a free review of your investments, give me a call at 704-552-8689 or download one of my 4 FREE reports on investing at my Newton Financial Network website.  Thanks!  Ed

 


 

 

Ed Newton, CPA


If you're a client of mine I would like to hear from you about how you like our tax or accounting services.
 

Call our Testimonial Hotline & give us your feedback at:

 

704-412-8CPA or 704-412-8272

 


 



 

 

 

Receive 2 Tickets For The iPad Drawing in March + Standard Mileage Rates for 2013 + Social Security & Medicare Updates

 

I wanted to let you know that as February ended we now have 144 tickets in for the drawing for the iPad with Retina Display. 

 

Everyone who brought their tax return information in during February received 3 tickets for the drawing. 

 

And now that we are in March (if you have not done so already) when you bring in your tax return information you will receive 2 tickets for the iPad drawing! 

 

Don't wait until next month in April as you will only receive 1 ticket for the drawing. 

 

Also don't forget that when you REFER someone to us this tax season, you receive a $50.00 CREDIT on your tax return fee (plus the person you refer received 3 tickets for the iPad drawing too!).

 

Call our office at 704-552-8689 if you have a question or are ready to get started!


 



Standard Mileage Rates for 2013

The 2013 standard mileage rates for use of an automobile are 56.5 per mile for business miles driven (an increase of 1 from 2012), and 24 per mile for medical or moving purposes (up 1 from 2012). The rate for rendering gratuitous services to a charitable organization remains unchanged at 14 per mile.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving expenses is based on variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rate.

A taxpayer may not use the business standard mileage rate for any vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or claiming a Section 179 deduction for that vehicle, or for more than four vehicles used simultaneously.

 


 

Social Security & Medicare Update

 

The annual inflation adjustments have been made for the various social security amounts and thresholds. So, we thought it would be a good time to update you for 2013.

The social security wage base, for computing the social security tax (OASDI only), increases to $113,700 in 2013, up from $110,100 for 2012. The additional $3,600 for 2013 represents an increase of 3.3% in the wage base. There is no taxable earnings limit for Medicare (HI only) contributions.

New for 2013, the 0.9% Medicare Surtax is imposed on wages and self-employment (SE) income in excess of the following modified adjusted gross income (MAGI) threshold amounts: $250,000 for joint filers, $125,000 for married separate filers, and $200,000 for all other taxpayers. The employer portion of the tax is not increased. This new tax is a provision of the Patient Protection and Affordable Care Act.

For social security beneficiaries under the full retirement age, the annual exempt amount increases to $15,120 in 2013 up from $14,640 in 2012. These beneficiaries will be subject to a $1 reduction in benefits for each $2 they earn in excess of $15,120 in 2013. However, in the year beneficiaries reach their full retirement age, earnings above a different annual exemption amount ($40,080 in 2013, up from $38,880 in 2012) are subject to $1 reduction in benefits for each $3 earned over this exempt amount. Social security benefits are not reduced by earned income beginning with the month the beneficiary reaches full benefit retirement age. But remember, social security benefits received may be subject to federal income tax.

Individuals may have to pay federal income taxes on up to 85% of their benefits. Inclusion within taxable income can occur if you have substantial income from wages, self-employment, interest, dividends, and other taxable income, in addition to your benefits. However, no one pays federal income tax on more than 85% of his or her benefits.

The Social Security Administration estimates the average retired worker will receive $1,261 monthly in 2013. The average monthly benefit for an aged couple where both are receiving monthly benefits is $2,048. These amounts reflect a 1.7% cost of living adjustment (COLA).

The maximum 2013 social security benefit for a worker retiring at full retirement age is $2,533 per month, up from $2,513 in 2012.

 

To read this or any other past article online please click here and then scroll down to our newsletter archive.

 

 



Would You Do Me A Quick Favor And Give Me An Online REVIEW on Google+ Local?

If you are a local business like I am, more and more people FIND you by going online and searching.  To help me be found the same way by good customers like you would you take 2 minutes and give me a Review on my Google+ Local listing?

 

Just click here and it will take you to my listing.  From there just click on the blue Write a Review button.  Thank you in advance for your help! 

If you have any questions about giving us a Review or have an accounting or investments question about yourself or your business, please give me a call at 704-552-8689.  I can help guide you in the right direction.

 

To read other articles like this online, click here or go to www.EdNewtonCPA.com and click on the News link.

 


 

As always you can call our offices if you have any questions about these or any other accounting, tax, financial planning or Quickbooks related issues, at 704-552-8689. 

 

Regards, W. Edward Newton Jr., CPA, CFP

Certified Public Accountant

 

 

 

W. Edward Newton Jr., CPA, CFP | Certified Public Accountant

13850 Ballantyne Corporate Place, Suite 500 Charlotte, North Carolina 28277 Phone: (704) 552-8689 | Email: ednewton@ednewtoncpa.com