ABLE Accounts And Individuals With Disabilities

March 1st, 2016

Article Highlights: Asset limitations when receiving Medicaid or federal Supplemental Security Income $100,000 account limit Similar to Sec 529 education savings accounts Annual limit on contributions Qualified expenses Congress created Achieving Better Life Experience (ABLE) accounts in 2014. Prior to the creation of the ABLE accounts, individuals with disabilities who were eligible for Medicaid or […]

IRS Announces 2016 Standard Mileage Rates

February 23rd, 2016

Article Highlights: 2016 standard mileage rates Business, charitable, medical and moving rates Switching between the actual expense and the standard mileage rate methods Special allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2016 optional standard mileage rates used to calculate the deductible costs of operating an […]

Homeowner Energy Tax Credits Get New Life

February 16th, 2016

Article Highlights: Home Energy-Saving Improvements Solar and Other Types of Energy Generation Systems Things to Consider Before Signing Up Recently passed legislation has given new life to two homeowner energy credits that had expired or were about to expire, providing renewed opportunities to homeowners wanting to take advantage of these credits and reduce their energy […]

Affordable Care Act Reporting Relief for Employers

February 9th, 2016

Article Highlights: Applicable Large Employer Form 1095-C and Form 1094-C IRS Filing Due Date Copy to Employee Due date Effect on Filing Individual Returns Beginning for the 2015 tax year, Applicable Large Employers (ALEs) are required to file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each of […]

Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?

February 2nd, 2016

Article Highlights: Conversion Timing Why Convert? When to Convert? Undoing a Conversion Issues to Consider Before Making the Decision The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. To make a conversion, you must pay income taxes […]

Are Legal Expenses Tax Deductible?

January 26th, 2016

Article Highlights: Legal Fees Associated With Personal, Living, or Family Issues Legal Fees Associated With Business and the Production of Taxable Income Examples of Legal Fees and Their Deductibility The Tax Benefit of Legal Fee Deductions A frequent question that arises is whether legal expenses are deductible. The answer to that question can be both […]

All You Need to Know about the New Tax Extender Legislation

January 19th, 2016

Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at some […]

Don’t Be a Victim to IRS Phone and E-Mail Scams

January 12th, 2016

Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and […]

Important Reminder For Purchasing Your Health Insurance Through The Government Marketplace

January 5th, 2016

Article Highlights: Determining Household Income The Advanced Premium Tax Credit Marketplace Estimate of Income Modified Adjusted Gross Income Who Is Family For Health Insurance Purposes? When applying for insurance through a state or the federal health insurance marketplace, you will be asked to provide an estimate of your household income for 2016. Your household income […]

Unpaid Debt Can Take Your Refund

December 29th, 2015

Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim As the 2015 tax season approaches, you may be getting excited about your potential tax refund. However, that excitement may be premature if you have outstanding federal or state debts. The Treasury Department’s Bureau of the Fiscal Service (BFS) […]

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