Monthly Archives: November 2019

//November

Did You Just Get an IRS Notice of Deficiency? Here’s What to Do Next

Nobody likes getting mail from the IRS — especially when it's something you weren't expecting. One minute, you're minding your own business and aren't even thinking about that return you filed months ago. The next minute you open your mailbox and see something called a "Notice of Deficiency" — and your anxiety immediately goes through [...]

By |2019-11-27T17:50:42+00:00November 27th, 2019|Categories: Uncategorized|0 Comments

Holiday Gifting with a Tax Twist

Article Highlights: Employee GiftsGifts of College TuitionCollege Student SuppliesElectric Car CreditWork EquipmentSolar Electric CreditCharitable Gifts Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples: Employee Gifts – It is common practice this time of year for employers to give employees gifts. Although [...]

By |2019-11-26T21:20:35+00:00November 26th, 2019|Categories: Uncategorized|0 Comments

Year-End Tips for Charitable Contributions

Article Highlights: Watch Out for Charity ScamsTax Exempt Organization Search ToolTax Benefits of Charitable ContributionsBunching DeductionsQualified Charitable DistributionsSubstantiation As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists [...]

By |2019-11-22T23:41:33+00:00November 22nd, 2019|Categories: Uncategorized|0 Comments

Employer-Offered Benefits That Can Save You Money and Taxes

Article Highlights: Health InsuranceRetirement PlansQualified Transportation Fringe BenefitsFlexible Spending Accounts (FSAs)Group Term Life InsuranceQualified Employee DiscountsEmployer-Provided Education AssistanceAdoption ExpensesChild and Dependent Care BenefitsHealth Savings Accounts Tax law includes a number of tax- and financially favored benefits that employers can offer or provide to their employees. This article is intended to make you aware of these [...]

By |2019-11-21T23:07:39+00:00November 21st, 2019|Categories: Uncategorized|0 Comments

Deducting the Costs of Modifications for Senior-Proofing a Home

Article Highlights Improvements for Medical Care or TreatmentImprovements That Increase the Home’s ValueImprovements That Do Not Increase the Home’s ValueMedical AGI Limitations While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day [...]

By |2019-11-19T20:01:27+00:00November 19th, 2019|Categories: Uncategorized|0 Comments

Take Advantage of the Education Tax Credits

Article Highlights: American Opportunity Tax CreditLifetime Learning CreditWho Gets the Credit?Qualified Tuition and Related ExpensesEligible Educational InstitutionsForm 1098-TScholarshipsTax Fraud As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending [...]

By |2019-11-18T21:45:53+00:00November 18th, 2019|Categories: Uncategorized|0 Comments

3 Common Personal Income Tax Problems & How to Respond

Tax problems aren't just a worry that hang over people's heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can't provide. Additionally, the IRS isn't the only source of those problems: state tax authorities [...]

By |2019-11-13T18:49:47+00:00November 13th, 2019|Categories: Uncategorized|0 Comments

Should You Have an Identity Protection PIN?

Article Highlights: Taxpayer First ActTaxpayer Notification when a SSN is Fraudulently UsedPurpose of an IP PINObtaining an IP PINIs an IP PIN Right for You? With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity protection pin (IP PIN) [...]

By |2019-11-11T22:00:52+00:00November 11th, 2019|Categories: Uncategorized|0 Comments

Make sure clients sign up for health care to avoid new California penalty (10-17-19)

Effective January 1, 2020, California residents must obtain minimum essential health care coverage to avoid the new California individual health care mandate penalty enacted by SB 78 (Ch. 19-38). Generally speaking, an individual who fails to secure coverage will be subject to an annual penalty of $695 or more when they file their 2020 California [...]

By |2019-11-08T23:40:30+00:00November 8th, 2019|Categories: Uncategorized|0 Comments