HAPPY FATHER’S DAY TAX BREAKS AND ESTATE PLANNING TIPS IF CARING FOR AN ELDERLY PARENT Your Dad is getting older and so are you – welcome to the sandwich generation! It’s not uncommon for adult children with children of their own to be supporting their aging parents and in-laws in the new millennium. If you’re
Are You A Professional Athlete? Tax Reform Will Be Changing Your Game!
Professional athletes will need a new game plan for 2018. Pay special attention to these 10 key issues that are unique to sports professionals. Though tax planning opportunities are still plentiful, many business expenses that are common among professional athletes are no longer deductible, or are limited. Here are some of the issues ahead: 1.
ALEXA – WILL YOU BE MY ACCOUNTANT…?
Sound far fetched? If you’re smart about your finances, there will only be one question you ever ask Alexa about accounting: “How many accountants does it take to change a light bulb?” The answer will most likely be: “One to change it, and one to make sure it came in under budget!” Both our personal
Will Tax Reform Affect Your Alimony? You Bet!
Will Tax Reform Affect Your Alimony? You Bet! If you are wondering whether or not your alimony payments are still deductible, the short answer is YES, for now. But under a provision in the Tax Cuts and Jobs Act (TCJA), the deduction is repealed for agreements executed after 2018. Unlike most other TCJA tax changes
How many employees does your business have for ACA purposes?
It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t
IRS Amnesty Program for Hidden Foreign Accounts Ends September 2018
IRS Amnesty Program for Hidden Foreign Accounts Ends September 2018 If you have hidden foreign bank accounts, you have until September 28, 2018, to disclose them and come into compliance with the tax law, to avoid prosecution. The IRS is finally ending its “amnesty” program from 2009, and if you are found guilty of trying
The IRS “Dirty Dozen” Details The Most Devilish Tax Scams Out There
The IRS “Dirty Dozen” Details The Most Devilish Tax Scams Out There. Warn Your Family, Friends, And Business Associates Not To Fall For Fraud! Every year the IRS compiles its list of “Dirty Dozen,” which lists the common scams that taxpayers may encounter anytime but become most popular during “tax season.” Some tricks made their
Keeping Your Yacht Afloat Turning a Hobby into a Profit
Having a yacht can be a great way to unwind while entertaining friends, family and clients, but turning a part time passion into a full time business can have unintended consequences and impact your tax bill. Here’s what you need to know so you won’t be drowning in tax liability. The IRS Disinguishes Between Passive
Withholdings Tax
IRS issues updated 2018 withholding tables In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables that indicate how much employers
Are You Leaving Tax Money On The Table?
Are You Leaving Tax Money On The Table? According to the IRS the five most popular tax deductions are: State and local taxes Gifts to charity Home-mortgage interest Tax-preparation fees Medical and dental expenses But what might be the most overlooked or forgotten deductions and less well known tax credits that could make a difference
