The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can…
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November 2018 Individual Due Dates
November 13 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no…
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Receiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike…
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Tax reform added some new taxpayer-advantageous changes to college savings plans. These plans are also known as qualified tuition programs (QTPs) or Sec. 529 plans, named after the part of the Internal Revenue Code that established them.
Background:…
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When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three commonly encountered situations and the tax ramifications associated with each.
Renting…
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Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a qualified opportunity…
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Article Highlights:
One Rollover per Year Rule
Exceptions
Tax Consequences
Disqualified Rollover
Early Withdrawal Penalty
Tax law permits you to take a distribution from your IRA account, and as long as you return the…
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How to Enter Bills in QuickBooks
It’s not as much fun as creating invoices, but the bills must be paid. Here’s how QuickBooks helps.
We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via…
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The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number…
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Very few people think that starting a new business is easy. But at the same time, there are few first-time entrepreneurs who realize just how involved things are from the moment you start trying to bring that idea that previously only existed…
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Medical Insurance and Taxes
2018 Tax Laws, Tax Tips, TaxesNovember Tax Due Dates
2018 Tax LawsMost Common Types of IRS Tax Problems
2018 Tax Laws, Tax Reform, Tax Tips, TaxesBig Changes to College Savings Plans
CollegeThree Common Family Tax Mistakes
2018 Tax Laws, Finance, Finance Tips, Tax Tips, TaxesTax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones
2018 Tax Laws, Growth, Investment, Tax ReformMaking Two IRA Rollovers in One Year Can Be Costly
Accounting, Investment, Personal FinanceHow to Enter Bills in QuickBooks
Small Business5 Reasons to Amend a Previously Filed Tax Return
2018 Tax Laws, Tax News, Tax Tips, TaxesThe Key Steps to Take BEFORE You Start a New Business
Business, Business Development, Small Business