Tax-Free Employee Reimbursements for Covid-19 Costs

Here is a tax-planning opportunity for employers: offer your employees a reimbursement of Covid-related costs. The reimbursement will be fully deductible by you and tax-free to the employee. IRC Section 139 allows employers to  reimburse employees for necessary personal, family, living or funeral expenses incurred as a result of a qualified disaster.  Why is [...]

Tax-Free Employee Reimbursements for Covid-19 Costs2021-10-04T15:48:43+00:00

Tips for Filing an Amended Tax Return

If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended [...]

Tips for Filing an Amended Tax Return2020-08-07T13:41:10+00:00

FAQ re Coronavirus Stimulus Checks

The massive coronavirus stimulus bill is expected to clear Congress today.  Courtesy of the Wall Street Journal, here is a FAQ regarding the stimulus checks for individuals: How much money is it? The plan provides $1,200 for each adult and $500 for each child under 17. A married couple with two children would get [...]

FAQ re Coronavirus Stimulus Checks2020-03-27T12:40:43+00:00

Deferred Tax on Gains From Forced Sales of Livestock

Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible. 1. The one-year extension gives [...]

Deferred Tax on Gains From Forced Sales of Livestock2019-12-28T21:51:58+00:00

Tax Benefits of Health Savings Accounts

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. [...]

Tax Benefits of Health Savings Accounts2019-12-28T21:49:07+00:00

Individual Taxpayers: Recap for 2019

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2019 is $24,400. For [...]

Individual Taxpayers: Recap for 20192019-12-28T21:46:17+00:00

Tax Tips for Owners of Historic Buildings

If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Here are seven facts that building owners should know about this credit: The credit is 20 percent of the taxpayer's qualifying costs for rehabilitating [...]

Tax Tips for Owners of Historic Buildings2019-12-28T21:41:44+00:00

Be Prepared When Natural Disasters Strike

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it's a good idea for taxpayers to think about - and plan ahead for - what they can do to be prepared. Here are four tips to help taxpayers be prepared: 1. [...]

Be Prepared When Natural Disasters Strike2019-12-28T21:31:48+00:00

Small Business: Tips for Ensuring Financial Success

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? While you may wish it was that easy, the truth is that you can't let your business run on autopilot and expect good results and any business owner [...]

Small Business: Tips for Ensuring Financial Success2019-12-28T21:23:12+00:00

Tax Preparation vs. Tax Planning

Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let's take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out [...]

Tax Preparation vs. Tax Planning2019-12-28T21:21:43+00:00
Go to Top