Archive

22Feb2016

ACA Reporting Relief for Employers Filing

    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 file Forms 1095-C and 1094-C with the IRS and provide a copy of the 1095-C to each
  • 22 Feb, 2016
  • Jacqueline Cran
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18Feb2016

Are You Ignoring Retirement?

    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
  • 18 Feb, 2016
  • Jacqueline Cran
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15Feb2016

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

      Article Highlights: Acquisition Debt Equity Debt Tracing Excess Debt Unsecured Election 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
  • 15 Feb, 2016
  • Jacqueline Cran
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12Feb2016

Ways to Deduct Health Insurance

    Article Highlight:   Itemized Deduction AGI Limitations What Insurance Is Deductible Above-The-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the “Affordable Care Act,” have risen dramatically and are one of the largest expenses that most individuals pay.  Although the cost of health insurance is
  • 12 Feb, 2016
  • Jacqueline Cran
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09Feb2016

Household Help: Employee or Contractor

    Article Highlights: Household Employee Definition Employee Control Factors Self-employed or Employee Withholding Requirements Reporting Requirements Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question
  • 9 Feb, 2016
  • Jacqueline Cran
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02Feb2016

Jointly or Separately – How to File After Saying I Do

    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
  • 2 Feb, 2016
  • Jacqueline Cran
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