Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know.
Ten Tax Tips for Individuals Selling a Home this Year
In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year.
Small Employer Health Reimbursement Arrangements
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses—including the cost of buying health insurance. Here’s what you need to know about QSEHRAs.
Five Ways to Minimize your Tax Liability
If you want to save money on your tax bill next year, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill.
Taxpayer Data Secure with New IRS Get Transcript
Taxpayers that need prior years’ tax returns and other tax documents should know that there is a new format for individual tax transcripts that redacts personally identifiable information from Form 1040 tax documents.
529 Education Savings Plan Updates under Tax Reform
Taxpayers with school-age children should be aware of three recent tax law changes affecting 529 education savings plans.
Succession Planning: Strategies for Leaving a Business
Selecting your business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what you want from the sale of your business and who can best give it to you.
There are four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. The more you understand about each one, the better the chance is that you will leave your business on your terms and under the conditions you want. With that in mind, here’s what you need to know about each one.
2018 Inflation Adjustments Updated under Tax Reform
Tax year 2018 annual inflation adjustments have been updated to reflect changes from the Tax Cuts and Jobs Act (TCJA). These tax year 2018 adjustments are generally used on tax returns filed in 2019. The tax items affected by TCJA for tax year 2018 of greatest interest to most taxpayers include the following:
Extension Deadline Looming for 2017 Tax Returns
Time is running short for taxpayers who requested an extra six months to file their 2017 tax return. As a reminder, Monday, October 15, 2018, is the extension deadline for most taxpayers. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and taxes: