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Tax Insights – February 2020

Extenders Bill In December, the president signed the Further Consolidated Appropriations Act, 2020, which contains the SECURE Act and extenders. These acts affect you in many ways. First, the SECURE Act provides for several changes related to retirement plans. Provided you meet the requirements, the law allows you to make contributions to traditional IRAs regardless […]

Tax Insights – January 2020

Tax Insights – January 2020 The New W-4 The IRS released a new Form W-4, Employee’s Withholding Certificate for 2020. Let’s take a closer look at the new withholding calculation method provided with this form. Instead of using the personal allowances worksheet, the calculation of whether you need to take additional withholding is now determined […]

Tax Insights – December 2019

Year-End Tax Planning As the year ends, you may be wondering what you can do to lower your taxes on your 2019 return. If you have cash on hand, there are several things that you can do to help your tax position in the new year and beyond. 1. Charitable giving. If you itemize, you […]

Tax Insights – November 2019

Health Reimbursement Arrangement Your employer may offer a benefit called a Health Reimbursement Arrangement (HRA). An HRA is a benefit whereby your employer will set aside funds to reimburse health care costs for you. This eases some of the paperwork burden on the employer and provides you just the right amount of health care benefit. […]

Critical business information in real time

Every successful business has its finger on the pulse. You need to know the key numbers.  Not the numbers in last year’s accounts; they’re out of date.  Redundant. You need today’s numbers. And that’s where your cloud accounting system comes in.  If you don’t have a cloud accounting system this blog will explain the benefits […]

Tax Insights – October 2019

Selling Your House Selling your home and moving to a new one is an enormous undertaking. While you’re excited about your new home, there are many tasks to be completed. But what about the tax issues? Do you have to pay tax on any gain on the sale? Can you deduct a loss? The first […]

Tax Insights – September 2019

Tax Reform and Divorce The rules regarding alimony changed this year. If you were divorced in 2019, alimony is no longer taxable income to the recipient, and is no longer deductible by the payor. This could have a huge impact on your taxes. The good news is that if the divorce decree and property settlement […]

Tax Insights – August 2019

Gift Planning One way to transfer wealth to the next generation is to make gifts. Generally, donors pay gift tax unless they fit into an exception. The most frequently used exception is the annual exclusion. Taxpayers may give up to the annual exclusion to another individual tax free. In 2019, this amount is $15,000. For […]

Tax Insights – July 2019

Tax Benefit for the Disabled The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities (designated beneficiaries). To establish an ABLE account, the beneficiary must be blind or disabled by age 26. The owner of the ABLE account is the beneficiary, and he […]

Tax Insights – June 2019

Mid-year Checkup As you reviewed your tax return this year, were you surprised by the results? Many people were shocked by their balance due. So many, in fact, that the IRS implemented some penalty relief. Two things affect your balance due or refund: withholding and estimated taxes. The IRS develops withholding tables to assist your […]