Medical Insurance and Taxes
2018 Tax Laws, Tax Tips, TaxesThe 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…
Most Common Types of IRS Tax Problems
2018 Tax Laws, Tax Reform, Tax Tips, TaxesReceiving 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…
Three Common Family Tax Mistakes
2018 Tax Laws, Finance, Finance Tips, Tax Tips, TaxesWhen 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…
5 Reasons to Amend a Previously Filed Tax Return
2018 Tax Laws, Tax News, Tax Tips, TaxesThe 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…
Day Care Providers Enjoy Special Tax Benefits
Small Business, Tax TipsArticle Highlights:
Business Use of Home
Prorated Use
Owned Home
Rented Home
Exclusive Use
Meal Allowance
Other Deductions
A taxpayer who is in the business of providing family day care in their home may deduct…
Hardship Exemption Rules for Not Having Health Insurance Eased
2018 Tax Laws, Tax TipsArticle Highlights:
Shared Responsibility Payment
Executive Order
Hardship Exemption
Exemption Certification Number
The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is…
Disabled Taxpayer Tax Benefits
Tax Tips, TaxesArticle Highlights:
Increased Standard Deduction
Tax-Exempt Income
Impairment-Related Work Expenses
Financially Disabled
Earned Income Tax Credit
Child or Dependent Care Credit
Special Medical Deductions
Qualified…
Understanding Tax-Deferred Investing
Investment, Personal Finance, Tax TipsArticle Highlights:
Income Deferral
Earnings Deferral
Individual Retirement Accounts
Retirement Accounts
Bank Savings
Short- and Long-Term Capital Gains
Education Savings Accounts
Health Savings Accounts
When you…
Not Using QuickBooks Online? What You're Missing Out On
Business, Finance Tips, Personal Finance, Tax TipsIf you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.
How long would it take you to determine:
What your total expenses for this quarter are?
Whether or not…
SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn
Tax News, Tax Tips, TaxesArticle Highlights:
• SALT Tax Limits
• State Work-arounds
• Converting Tax Deductions to Charitable Contributions
• IRS Regulations
• Taxpayer Beware
Tax reform has limited the federal itemized deduction for state…