With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s...
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are...
This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional IRAs Contributions to...
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel....
As we approach the end of 2015, we are helping business clients anticipate what 2015 income will look like, what will their upcoming tax liability be, and what to do now in order to close out 2015 in the best tax position. There are...
Our previous blog discussed year-end tax planning for small businesses, noting that pass-through entities cannot accurately estimate their tax liability without first plugging in K-1 income and deductions to the owners’ 1040. This blog will focus on year-end tax planning for individuals; as business owners,...
The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end timing strategy for your business. If you expect to be in the same or lower...
Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year.
Over the past 3 years, the IRS paid out an estimated $5.8 billion in fraudulent refunds, and stopped an additional $24 billion of fraudulent refunds claimed, according to a 2015 report issued by the Government Accountability Office.
What to look for in your sales tax reporting process We work with clients on sales tax issues that can be challenging to implement correctly, yet essential to protect the business from large sales tax deficiencies. I have found that small mistakes can prove...
