Insights: Tax Services

What is your taxpayer filing status?

October 31, 2019

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December…

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Setting up a Health Savings Account for your small business

October 16, 2019

Given the escalating cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax…

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Getting a divorce? There are tax issues you need to understand

October 8, 2019

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For alimony…

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Take advantage of the gift tax exclusion rules

October 6, 2019

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For…

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Watch out for tax-related scams

October 4, 2019

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax bill is sent from a…

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Uncle Sam may provide relief from college costs on your tax return

September 30, 2019

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation…

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Department of Labor releases the long awaited final rule on overtime

September 26, 2019

On Tuesday, September 24, 2019, the Department of Labor (DOL) released the long awaited final rule on overtime, which will take effect January 1, 2020.  Employees who make less than $35,658 per year will now be eligible for overtime pay. To be exempt from overtime under the Fair Labor Standards Act (FLSA), employees must be…

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Cryptocurrency Transaction Reporting

September 12, 2019

Recently the Internal Revenue Service sent over 10,000 letters to taxpayers who the IRS believes may have failed to properly report their cryptocurrency transactions.  Three different letters were sent – Letters 6173, 6174 and 6174-A.  Each of these letters indicate that the IRS has information regarding a failure to report digital gains.  Taxpayers have also…

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For best results, start your strategic planning early

September 11, 2019

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…

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The next estimated tax deadline is September 16: Do you have to make a payment?

September 10, 2019

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,…

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