How to Avoid Ambiguities in a Will

Will drafting can be complicated. People can run into problems if they attempt to do it on their own, or rely on websites that do not offer legal counsel, or even hire an inexperienced or lesser qualified attorney to draft a will cheaply. Unfortunately, in some cases when ambiguities occur, people never realize the problems because they die before the ambiguities are discovered, which may cause havoc for their beneficiaries or heirs. (more…)

Are You Eligible for the Health Insurance Premium Tax Credit?

The Affordable Care Act established the health insurance premium tax credit (PTC). It first became available to taxpayers in the 2014 tax year. If you or a loved one is eligible for this refundable credit, it can be claimed even if the taxpayer doesn’t owe federal income tax for the year. (more…)

IRS Updates FAQs on Certain ACA Provisions

The Trump Administration and the Republican majority in Congress plan to repeal and replace the Affordable Care Act (ACA) in the coming months. In the meantime, however, employers must continue to comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. (more…)

Claiming Business Deductions for Work-Related Education Costs

If you’re headed back in the classroom, or thinking about it, you might be wondering if the tuition expenses are tax deductible. To be considered work-related education for business deduction purposes, the training must meet one or both of the following standards:

Standard No. 1: The education is expressly required by applicable law or regulations in order for you to retain your current professional status. Standard No. 2: The education maintains or improves skills required in your current profession or business.

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Time to Switch Your C Corp to S Corp Status?

Thanks to legislation passed in 2013, the federal income tax rates for individuals remain historically low for single taxpayers with taxable income below $400,000 ($450,000 for married couples filing jointly). That’s the good news. The bad news: The rates for C corporations remain at the same levels that have been in place for years. (more…)

Individual Tax Planning for 2016 and Beyond

Year end is rapidly approaching. It’s now time to consider making some moves that will lower your 2016 tax bill and get you into position for tax savings in future years. This article offers some year-end planning tips for individuals — while keeping the results of the recent election in mind. (more…)

Deductible Medical Expenses for Seniors

The older people get, the more medical expenses they tend to incur. The only saving grace is the expenses may add up to a federal income tax deduction. Specifically, you can deduct medical expenses you are not reimbursed for to the extent they exceed 10% of your adjusted gross income (AGI) for 2017 (unchanged from 2016). However, the write-off is only available if you itemize using Schedule A of Form 1040. (more…)

Managing the Ups and Downs of Seasonal Businesses

What do pumpkin patches, ski resorts, ice cream shops and accounting firms have in common? They’re all seasonal businesses that experience a surge in revenues during their busy seasons that tapers off in the slow season. Seasonal peaks and troughs present challenges that require creative planning and fiscal prudence. (more…)