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Tax Planning

Holiday Gifting with a Tax Twist

Article Highlights: Employee Gifts Gifts of College Tuition College Student Supplies Electric Car Credit Work Equipment Solar Electric Credit Charitable 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…

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Take Tax Advantage of a Low-Income Year

Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who…

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

Article Highlights: Itemized Deductions Above-the-Line Deductions Business Deductions Asset-Sale Deductions Refundable Credits Nonrefundable Credits Carryover Credits Business 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…

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Are You Subject to Self-Employment Tax?

Article Highlights: Self-employed Individuals Estimated Taxes Self-Employment Tax Estimated Tax Safe Harbors 1099-MISC and 1099-K Others Subject to Self-employment Tax income Not Subject to Self-employment Tax Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages…

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Health Savings Accounts (HSA) Fill Multiple Tax Needs

Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs)…

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Looking Ahead to 2019 Taxes

Article Highlights: Solar Credit Plug-In Electric Vehicle Credit Penalty for Not Having Health Insurance Medical Deduction Restrictions New Alimony Rules Standard Deduction Increase Increased Retirement Contributions Federal Tax Brackets Increase You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact…

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