2015 Transition Relief under the Employer Shared Responsibility Provisions

April 5th, 2016

Under the Affordable Care Act, certain employers – referred to as applicable large employers (ALEs) – are subject to the employer shared responsibility provisions, which require ALEs to offer affordable minimum essential coverage healthcare coverage that provides minimum value to full-time employees and their dependents (but not their spouses). Failure to do so can result […]

Not All Home Mortgage Interest Is Deductible; The IRS is Watching

March 29th, 2016

One of the current IRS audit initiatives is checking to see if taxpayers are deducting too much home equity debt interest. Generally, taxpayers are allowed to deduct the interest on up to $1 million of home acquisition debt (includes subsequent debt incurred to make improvements, but not repairs) and the interest on up to $100,000 […]

Are You Ignoring Retirement?

March 22nd, 2016

Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the […]

Jointly or Separately? How to File After Saying I Do

March 15th, 2016

Article Summary: Filing Options Married Filing Jointly Unpleasant Consequences Pleasant Consequences Married Filing Separately A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for […]

Don’t Miss Out on the Earned Income Tax Credit

March 8th, 2016

Article Highlights: Earned Income Tax Credit (EITC) Qualifications Computing the Credit Limit on Investment Income Military Combat Pay Election EITC Scams Banning EITC Filers The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it […]

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 […]

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