Archive

27Jun2019

Household Help: Employee or Contractor?

    Article Highlights: Household Employee Definition Employee Control Factors Self-employed or Employee Withholding Requirements Reporting Requirements Taxpayers often 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
  • 27 Jun, 2019
  • Jacqueline Cran
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24Jun2019

Donor Advised Funds Provide Tax Benefits

  Article Highlights: Donor-Advised Fund Itemized or Standard Deductions Sponsoring Organizations Tax Benefits Bunching Strategy High Income Years Donating Appreciated Assets If you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised
  • 24 Jun, 2019
  • Jacqueline Cran
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20Jun2019

Hobby or Business? It Makes a Difference for Taxes

Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences are: Businesses Entered Into for
  • 20 Jun, 2019
  • Jacqueline Cran
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17Jun2019

Eldercare Can Be a Medical Deduction

    Article Highlights: Nursing Homes Meals and Lodging Home Care Nursing Services Caregiver Agencies Household Employees Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated
  • 17 Jun, 2019
  • Jacqueline Cran
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10Jun2019

Gift Tax Treatment of Tuition Plans

    Article Highlights: Purpose of Qualified Tuition Plans Gift Tax Implications Special Five-Year Election Change of Beneficiary Eligible Expenses Direct Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and
  • 10 Jun, 2019
  • Jacqueline Cran
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06Jun2019

School’s Out – Who is Going to Take Care of the Kids?

    Article Highlights:  Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled)
  • 6 Jun, 2019
  • Jacqueline Cran
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