Health Savings Accounts Fill Multiple Tax Needs

Health Savings Accounts Fill Multiple Tax Needs

The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that…
IRS Clergy Tax Changes

Clergy Tax Benefits Under Fire

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Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation…
Big Changes to the Kiddie Tax

Big Changes to the Kiddie Tax

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Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’…
Taxpayers Find Gift Tax Reporting Confusing

Taxpayers Find Gift Tax Reporting Confusing

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Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned with the…
A Mid-Year Tax Checkup May Be Appropriate

A Mid-Year Tax Checkup May Be Appropriate

Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform. One area of major concern is the…
Moving Deductions are Kaput

Moving Deductions are Kaput

Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least 50 miles more…
Is Inheritance Taxable?

Is an Inheritance Taxable?

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A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to inheritance taxation, and whatever…
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5 QuickBooks Online Reports You Should Run Regularly

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5 QuickBooks Online Reports You Should Run Regularly  There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week. QuickBooks Online’s Dashboard, the first…
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The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them

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Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business. And, with this comes a few common mistakes. Yet, even simple small business accounting mistakes can prove to be financially…
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How Long Should You Hold On To Old Tax Records?

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Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This…