Qualifying for the Home Office DeductionWorking from home can certainly provide you with personal benefits, such as a flexible schedule and more family time. But increasing numbers of people are discovering the tax advantages as well. It's no secret that you generally can't deduct certain...
There's Still Time to Contribute to an IRA for 2016There's still time to make a regular IRA contribution for 2016! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2016 ($6,500 if you were age 50 by...
On Jan. 20, 2017, President Trump signed an executive order titled, "MINIMIZING THE ECONOMIC BURDEN OF THE PATIENT PROTECTION AND AFFORDABLE CARE ACT PENDING REPEAL."What It MeansIn the order, Trump seeks the "prompt repeal of the Patient Protection and Affordable Care Act." In the meantime, pending such...
On January 20, 2017, Donald J. Trump will be sworn in as the 45th president of the United States. Between now and then, attention should largely focus on efforts to facilitate an orderly transfer of power, but there will be no shortage of conjecture over...
In October 2016, the IRS issued a reminder to employers and small-business owners of a new January 31 deadline for submitting Forms W-2 and certain Forms 1099-MISC to the Social Security Administration (SSA). The accelerated deadline, which was enacted as part of the Protecting Americans...
Individual Income Tax PlanningAdoption creditAdoption credit20162017Maximum credit$13,460$13,570Phaseout threshold amount$201,920$203,540Completed phaseout amount after$241,920$243,540Alternative Minimum Tax (AMT)Maximum AMT exemption amount20162017Married filing jointly or surviving spouse$83,800$84,500Single or head of household$53,900$54,300Married filing separately$41,900$42,250AMT income exemption phaseout threshold20162017Married filing jointly or surviving spouse$159,700$160,900Single or head of household$119,700$120,700Married filing separately$79,850$80,450AMT tax...
Dear Client, With a new President coming to office early next year we can expect a number of tax changes to occur. This is a good time to get your income tax “house” in order for 2016. We are once again making our tax organizers available, for...
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable...
Over the last decade, there have been many changes in the U.S. health care landscape. These changes have been attributed to new, majory advances in medican treatment, an aging population, and the Affordable Care Act implemented in 2010. In 2015, total U.S. health care spending...
UPDATE: On Tuesday, November 22, a federal judge issued a nationwide injunction preventing the new overtime rules from taking effect on December 1, 2016, as previously scheduled.On December 1, 2016, about 4.2 million workers who were previously classified as "exempt" could become eligible for overtime...
