Archive

23Feb2017

Maximizing Your Affordable Care Act Insurance Supplement

    Article Highlight:  Financial Assistance for Health Insurance Federal Poverty Level Modified Adjusted Gross Income Household Income Gambling Income Children’s Income Hobby Income IRA Contributions If you are getting your health insurance through a government Marketplace, you should be aware of several issues that can adversely affect the amount of financial assistance you receive
  • 23 Feb, 2017
  • Jacqueline Cran
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20Feb2017

Do I Have to File a Tax Return?

    Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider
  • 20 Feb, 2017
  • Jacqueline Cran
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16Feb2017

IRS Clamps Down on Tax Credits

    Article Highlights: Affected Credits Retroactive Claims Disallowance Periods for Improper Credit Claims Preparer Due-Diligence Requirements 1098-T Requirement to Claim Education Credits Refunds from AOTC and CTC Returns Will Be Purposely Delayed In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take
  • 16 Feb, 2017
  • Jacqueline Cran
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10Feb2017

Don’t Overlook Standard Mileage Rate Add-Ons

    Article Highlights: Standard Mileage Rate Expenses Additional Deductible Expenses Auto Loan Interest Business owners often use the standard mileage rate instead of actual expenses when taking a deduction for the business use of their vehicle. The standard mileage rate is determined annually by the IRS by using data from a study conducted by
  • 10 Feb, 2017
  • Jacqueline Cran
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02Feb2017

Along with Tax Season Come the Tax Scams

    Article Highlights: Tax Season Brings Scams Key ID Elements How the IRS Operates Email Scams & Phishing Phone Scams ID Thieves One thing we can count on when tax season begins is the scammers coming out from under their rocks with schemes to try and trick you so they can steal your ID
  • 2 Feb, 2017
  • Jacqueline Cran
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22Jan2017

Important Tax Changes for Small Businesses

    Article Highlights: Section 179 Expensing Bonus Depreciation Vehicle Depreciation New Filing Due Dates Work Opportunity Credit Research Credit Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a
  • 22 Jan, 2017
  • Jacqueline Cran
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19Jan2017

What Does the Future Hold for Taxes?

    Article Highlights: Trump’s Proposed Tax Policies Consolidated Tax Rates Increased Standard Deductions Comparison Worksheet Other Factors One topic that is frequently being discussed is what the future holds for individual taxation under incoming President Trump. Numerous blog entries have been posted on the issue; many proclaim that the wealthy will be the beneficiaries
  • 19 Jan, 2017
  • Jacqueline Cran
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13Jan2017

1099 Filing Date Moved Up This Year; Don’t Get Trapped Into Penalties

    Article Highlights: Independent Contractors 1099 Filing Requirement Due Dates Penalties Form W-9 and 1099 Worksheet If, in your business, you engage the services of an individual (independent contractor) other than one who meets the definition of an employee and you pay him or her $600 or more for the calendar year, you are
  • 13 Jan, 2017
  • Jacqueline Cran
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09Jan2017

Social Security Benefits Increase for 2017

    Article Highlights: 2017 Social Security Benefits Increase Increased Social Security Tax on Earnings Social Security Cost of Living Cost of Medicare Insurance The Social Security Administration (SSA) announced that Social Security (SS) benefits will be revised for a cost-of-living adjustment (COLA) increase of 0.3% in 2017. While this is better than the 0%
  • 9 Jan, 2017
  • Jacqueline Cran
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05Jan2017

Standard Mileage Rates for 2017 Announced

    Article Highlights: 2017 Standard Mileage Rates Business, Charitable, Medical and Moving Rates Important Considerations for 2017 Switching Between the Actual Expense and the Standard Mileage Rate Methods Employer Reimbursements Special Allowances for SUVs As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used
  • 5 Jan, 2017
  • Jacqueline Cran
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