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March 30, 2018

It’s challenging enough to find the right person to care for your child in the home without having to worry about the tax complications of becoming a household employer. Although the rules have been liberalized in some ways, other requirements are just as stringent as t...

March 17, 2018

Archer Medical Savings Accounts (also called Medical Savings Accounts or MSAs for short) are similar to IRAs. Like IRAs, special rules govern when your money can be withdrawn, for what purpose the funds can be used and the deductibility of contributions.

If you have an M...

March 13, 2018

Roth IRAs are tax-favored accounts to which qualified taxpayers can make after-tax contributions. Contributions to the account can grow tax-free, and neither the contributions nor the earnings on them are subject to tax when a Roth IRA owner receives a qualified distrib...

March 8, 2018

The biggest advantage of a Roth 401(k) is that appreciation on the contributions are never taxed. However, this comes because of the main disadvantage of Roth 401(k)s - contributions are elective contributions under a qualified 401(k) plan that, unlike pre-tax 401(k) el...

March 5, 2018

The Patient Protection and Affordable Care Act (PPACA) imposes an Additional 0.9 Percent Medicare Tax on earned income above specified dollar amounts. The 0.9 percent tax is imposed on individuals and does not apply to corporations, estates, or trusts. The tax on earned...

February 28, 2018

 

The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. Individuals are more impacted by the provisions of the act than any other class of taxpayer. With the reduc...

February 15, 2018

You probably know that you can get an income tax deduction for a gift to a charity if you itemize your deductions. But there is a lot more to charitable giving. For example, you may be able to indirectly benefit a family member and a charity at the same time and still g...

February 6, 2018

As someone who is provided with a company auto, you appreciate the convenience and dollar savings that this important "perk" provides, but at the same time would like to minimize the tax consequences of your personal use of the auto. Although the most effective dollar-s...

February 1, 2018

Gathering together all of the records you need to prepare a tax return can be very tedious. However, it is essential that you gather the right information so that your return can be prepared properly. Maintaining records is critical. If the IRS should select your return...

January 31, 2018

The IRS has issued final regulations regarding the deductibility of local lodging expenses. In the past, employees were able to deduct expenses for job travel away from home, but could not deduct lodging expenses for the cost of staying in the locality where they work (...

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