SECURE Act results in tax credit opportunities for employers

With the recent passage of the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act for short, into law, several tax credit opportunities originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting …

Keep Reading

Postcard 1040: is it really a possibility thanks to tax reform?

It looks like President Trump wasn’t kidding about wanting to file taxes on a postcard. As a matter-of-fact, the IRS released a proposed draft of the 2018 Form 1040 and it is LITERALLY the size of a postcard. Tax accountants and CPAs everywhere are laughing and thinking this has got to be a joke, right?! …

Keep Reading

Tax Season: Overheard in the Hallways

So as another tax season comes to an end, I am going to share some memories of conversations overheard in the hallway, just as I was walking by. Obviously, these are just snippets of conversations, but show how patient we try to be with our clients. “No, you cannot just put the same numbers on …

Keep Reading

Can I Take that Deduction?

Taxpayers pay for a lot of things over the course of the year, and they would like to claim as many of their expenses as possible as deductions on their tax returns. Learning what types of expenses qualify for a tax deduction is important for new taxpayers and business owners when deciding how and when …

Keep Reading

Reporting Health Insurance Coverage on IRS Tax Forms

The majority of taxpayers have health insurance coverage for all of 2015 and simply check a box on their tax return. For those who don’t, the IRS shared the below hints on reporting your health insurance related information: Form 8965, Health Coverage Exemptions Complete this form if you need to claim an insurance coverage exemption …

Keep Reading

Tax-Free Student Aid vs. Education Credit

The American Opportunity and Lifetime Learning tax credits were created to subsidize the cost of college education. Generally, the credits are based on qualified costs of education, namely, college tuition and fees, books, supplies and equipment. Those qualified costs must be reduced, however, by the amount of any tax-free student aid received, such as scholarships …

Keep Reading

Mid-Year Tax Planning Tips

Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net investment income tax (NIIT). It only affects higher-income individuals, but that can include anyone who …

Keep Reading

Key Dates & Milestones: Social Security, Pensions, IRAs, Medicare

There are many age-related financial and planning milestones that you need to be aware of in your sixties. Keep this list in mind. 59 ½ – Penalty Goes Away This is the age at which one can withdraw money from traditional IRAs, 401(k)s or similar retirement plans without restrictions and without an added 10% tax …

Keep Reading

Income Taxes – A Long Road Traveled

As news comes in this morning of our almost leap over the fiscal cliff, you may ask, “How did we get here and has it always been this complicated?” Well, President Lincoln signed the first revenue-raising measure to help pay Civil War expenses in 1862.  The measure created a Commissioner of Internal Revenue and the nation’s first …

Keep Reading