Article Highlights: Employer Medical Fringe Benefits. Flexible Spending Account (FSA). FSA Annual Contribution Limits. FSA Limited Annual Carryover Provisions. Health Savings Account (HSA). HSA Qualifications. High Deductible Insurance. HSA as a Retirement Vehicle. Comparison Table. Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both […]
July 2023 Individual Due Dates July 3 – Time for a Mid-Year Tax Check Up Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received […]
Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans You might consider hiring your children to help in your business. Financially, it makes more sense to keep the family employed […]
QuickBooks Online can enhance your company’s bottom line by improving your cash flow, customer relationships, inventory balance, and your future. QuickBooks Online is really good at a lot of things. It helps you create and manage contact records and sales forms. It can keep you apprised of your online account transactions and balances and help […]
Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions […]
Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the […]
Article Highlights: Health Insurance Retirement Plans Special Rule for Military Spouses Qualified Transportation Fringe Benefits Flexible Spending Accounts (FSAs) Group Term Life Insurance Qualified Employee Discounts Employer-Provided Education Assistance Adoption Expenses Child and Dependent Care Benefits Health Savings Accounts Special Rule for Military Spouses Tax law includes several tax- and financially favored benefits that […]
Article Highlights: Divorce or Separation Agreements Can Specify Who Claims a Child. If You Pay Child Support, You Claim the Child as a Dependent. Avoiding Payroll Taxesby Treating an Employee’s Compensation as a Gift. Only Medical Expenses for Taxpayer, Spouse, and Dependents Are Deductible. Donation of the Use of a Time-Share Week Is a Charitable […]
While it’s true that every business is different from the next – and every entrepreneur will go on his or her own unique journey – there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You secure financing, you select […]
Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these […]