With the passage of the 2017 Tax Cuts and Jobs Act, the Affordable Care Act’s (ACA) individual mandate was repealed.  The individual mandate requires taxpayers to carry a minimum level of health coverage, unless they qualify for a hardship exemption.  Without this coverage taxpayers will incur a tax penalty. Employer mandate Although this portion of […]

You have worked hard in contributing to the success of your company, and in return your company may reward you beyond your basic annual salary.  Below are some of the more common forms of supplemental and incentive compensation, and how they will affect your tax liability and reporting obligations. Bonuses and commissions.  Bonuses and commissions […]

With the passage of the Tax Cuts and Jobs Act of 2017, there was a promise that for many Americans the new tax law would be so simple that they could file on a postcard. In fact, the IRS has already drafted this so-called postcard tax return, which is larger than most postcards, and will […]

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 […]

  So you’ve completed your tax return and are moving your files to the back storage room, closet, garage, or other archival space.  The boxes start piling up.   You’ve probably asked yourself, “How long should we keep these records?”  It would be great if you could ascribe to the old adage, “out with the old, in […]

As we’ve mentioned before, it’s always a good idea to clean out your closets and donate your unwanted items to charity in order to get a charitable deduction.   Although most of us know about donating our unused stuff to Goodwill or Salvation Army, here are some additional charities to consider: If you have women’s business […]

Q:  What’s a Roth IRA? A:  A Roth IRA is an individual retirement account (IRA) in which contributions of up to $5000 ($6000 if you’re 50 or better) are NOT deductible as they are with a traditional IRA.  However, earnings can be withdrawn tax-free if you’re at least 59 ½ and had the Roth at […]

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 […]

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 […]