Taxes

New Law Closes Loopholes Involving Social Security Benefits

A new law closes loopholes in the Social Security rules that have allowed married couples to receive more benefits over their lifetimes by following certain strategies. The Bipartisan Budget Act of 2015, signed by President Obama on November 2, 2105, shuts down loopholes that Congress said will “prevent individuals from obtaining larger benefits than Congress… Read more »

What You Need to Know About 529 Plan Withdrawals

The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are free from federal income tax (and usually state income taxes too). That part is very easy to understand, but the full story on withdrawals is not so simple. What are qualified expenses? What happens if… Read more »

Must Joint Activities Be Treated as Partnerships?

For federal income tax purposes, an unincorporated joint venture or other contractual or co-ownership arrangement under which several participants conduct a business or investment activity and split the profits is generally treated as a partnership. by

Take Back Your Life!

A lot business owners struggle with creating boundaries between their personal lives and their professional endeavors. That’s because by starting a business, they have become both financially and emotionally invested in the outcomes and successes of their company. And in order to manage their business and gauge their investments, business owners must initially take on… Read more »

LAST MINUTE PERSONAL TAX FILING REMINDERS

Have you filed you 2014 tax return or an extension yet? The due date for filing your personal tax return or  extension is Wednesday, April 15.   Small business owners, self-employed individuals and anyone who owes the IRS money may wait until the last minute to file. But haste could lead to omitted income, transposed Social Security numbers… Read more »

HOW WILL YOUR SMALL BUSINESS HEALTH CARE TAX CREDIT BE AFFECTED?

Historically, companies that wanted their employees to be protected with health coverage, but didn’t want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that they… Read more »

YOUR TAX RETURN AND THE HEALTH CARE LAW

What will the Affordable Care Act mean to you at tax time? Individual taxpayers will notice they’re asked for some additional information on their tax returns this year because the law requires you to confirm that you have health insurance. You may also receive a new kind of tax document—Form 1095-A—if anyone in your family… Read more »

STOP IDENTITY THEFT IN ITS TRACKS

Imagine after sending in your annual tax return, you receive a notice from the Internal Revenue Service saying that another return has already been filed using your name and Social Security number—and claiming a refund. Sound impossible? It can happen if you become one of a growing number of victims of tax return identity theft…. Read more »