Yearly Archives: 2019

/2019

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|Comments Off on Deducting the Costs of Modifications for Senior-Proofing a Home

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|Comments Off on Take Advantage of the Education Tax Credits

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|Comments Off on 3 Common Personal Income Tax Problems & How to Respond

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|Comments Off on Should You Have an Identity Protection PIN?

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

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-29T23:16:37+00:00October 29th, 2019|Categories: Uncategorized|Comments Off on 6 Simple Personal Finance Tips That Lead to a Big Payoff

Is It Better to Have a Tax Credit or a Deduction?

Article Highlights: Itemized DeductionsAbove-the-Line DeductionsBusiness DeductionsAsset-Sale DeductionsRefundable CreditsNonrefundable CreditsCarryover CreditsBusiness Tax Credits People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit; these benefits’ effects are quite [...]

By |2019-10-28T23:48:12+00:00October 28th, 2019|Categories: Uncategorized|Comments Off on Is It Better to Have a Tax Credit or a Deduction?

70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution

Article Highlights: Required Minimum Distribution RequirementsComputing Required Minimum DistributionRoth IRAsStill Working ExceptionUnder-Distribution PenaltyIRA to Charity TransfersBeneficiaries If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) [...]

By |2019-10-23T15:38:55+00:00October 23rd, 2019|Categories: Uncategorized|Comments Off on 70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution

Crowdfunding Can Have Unexpected Consequences

Article Highlights: Crowdfunding SitesGiftsCharitable GiftsBusiness VenturesSEC Registration Raising money through Internet crowdfunding sites for things such as school fundraisers, prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and [...]

By |2019-10-17T21:51:45+00:00October 17th, 2019|Categories: Uncategorized|Comments Off on Crowdfunding Can Have Unexpected Consequences

6 Simple Personal Finance Tips That Lead to a Big Payoff

Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill [...]

By |2019-10-16T15:21:29+00:00October 16th, 2019|Categories: Uncategorized|Comments Off on 6 Simple Personal Finance Tips That Lead to a Big Payoff