In late December 2017, the Tax Cuts and Jobs Act was enacted. The most significant change for everyone is that the tax brackets have all been lowered; the highest tax rate has decreased from 39.6% to 37%. Some other significant changes for everyone, are that the standard deduction has been raised to $12,000 and $24,000 […]
2011 Tax Planning Tips
As the year draws to a close, it’s time to squeeze in some tax deductions and take actions that might save you money come April 15th. If you are looking to reduce your tax liability, here are a few yearend tax planning tips: Consider Roth conversion: If you have a traditional IRAs, consider a Roth […]
What is AMT and Why Do I Have to Pay It?
Q: What is AMT? A: Alternative Minimum Tax (AMT) is an alternative tax system started in 1969 due to a few high-income taxpayers who were paying hardly any tax due to various tax deductions and other loopholes. But because it was never indexed for inflation, even middle-class taxpayers have been subject to AMT. This tax […]
What You Need to Know About HSA Plans
With health insurance costs rising 10-20% each year, more business owners are looking for ways to reduce this cost. Many are implementing high-deductible, HSA-compatible health insurance plans. Here is some information you should know: Q: What is an HSA, and why should I have one? A: An HSA is a Health Savings Account. The premiums […]
Current Tax Requirements in Health Care Reform
The Patient Protection and Affordable Care Act (aka health care reform) enacted in March 2010, is comprehensive legislation affecting taxes, insurance, Medicare and Medicaid, among others, and is to be implemented over an 8-year period. So what is on the horizon for 2011 and 2012 taxes? For 2011, probably the most dreaded and misunderstood of […]
All That Glitters Is Not Gold, Especially When It Comes To Taxes
With the general economic uncertainties in recent years, and especially, the most recent stock market crash concurrent with S&P’s downgrading of the US debt, more investors are turning to gold and other precious metals as a perceived safer investment. One of the more popular investments that we’ve been seeing in recent years is SPDR Gold […]
