Aug 15, 2018
I recently received an interesting question from a client that I know many of you may have as well: The Question: “My son-in-law is doing a PhD and has an NSF Fellowship from the government. Interestingly, the government does not take out taxes nor provide a W2...
Aug 13, 2018
Sign up for our August 16th Webinar on Economic and Investment Overview: Looking Past the Headlines presented by Alex Oliver, First National Corporation What will be covered: North Korea. Trade wars. The Fed. Oil prices. With today’s sensationalized media, it can be...
Aug 7, 2018
by Andrew D. Schwartz CPA (Originally written for the September 2016 newsletter.) Last week, my wife and I dropped off our older child at college to start his freshman year. He is eager to spend the next four years taking classes in a variety of interesting subjects...
Aug 1, 2018
Month Income Taxes Saving and Investing AUGUST Returns on extension are no longer due 8/15. For 2017 tax returns, you have until 10/15 to file returns that have been put on extension. Work through a Tax Projection to avoid any surprises next winter, especially with...
Jul 9, 2018
Sign up now for our FREE financial boot camps. You won’t break a sweat like those gym boot camps, but you will become financially stronger and learn how to flex your money muscles! All events are online and begin at 12 noon. For more info and to RSVP, please visit...
Jul 9, 2018
By Alex Oliver, Investment Advisor, First National Corporation Volatility returned to the markets this past quarter as fears of inflation, trade wars, and privacy issues with technology companies flooded the headlines. The S&P 500 fell as much as 10%, the first...
Jul 9, 2018
From IRS NEWS – Issue IR-2018-32 The Internal Revenue Service advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite...
Jul 1, 2018
By Andrew D, Schwartz, CPA This year’s most interesting observation actually has more to do with next year’s taxes. The tax software we use comes with a Tax Projection option, and I prepared a 2018 tax projection for many of the clients I met with during...
Jul 1, 2018
Are you aware that there is an investment option available that allows for tax-deductible contributions and also for tax-free distributions? First introduced back in 2004, Health Savings Accounts offer individuals that unique winning combination. The favorable tax...
Jun 28, 2018
Month Income Taxes Saving and Investing JULY If you changed jobs, give one of our CPAs a call to discuss filling out new W-4 Forms Now’s the time to work through your 2018 income tax projection, especially to figure out how things look due to the recent tax law...
Jun 27, 2018
The end of 2017 saw the passing of the Tax Cuts and Jobs Act of 2017 (TCJA). This new tax law is considered to be the largest tax reform in 30 years and we anticipate that most individual taxpayers will be impacted beginning with the 2018 tax year. ...
Jun 27, 2018
As you may have already heard, effective June 5, 2018, Fannie Mae announced many updates to their condo approval guidelines that will now loosen the requirements for “warrantable” condos. Effectively, these changes will allow many condos that would...
Jun 27, 2018
We recently held the fourth live webinar in our Financial Boot Camp series titled “Planning for the Rising Cost of College” which was recorded and is now online. Alex Oliver from First National Corporation a discussed a variety of topics. Did you know that...
Jun 11, 2018
The business world becomes more complicated every year. Yet most CPAs and other professionals continue to operate as generalists and serve a handful of clients in a wide range of industries. That being said: Why would a prospect go to a generalist when they can work...
Jun 1, 2018
by Andrew D. Schwartz, CPA Let’s start with the usual advice we dole out each year. Max out your 401k or 403b at work. The retirement savings accounts remain the best tax shelter available to working people Salary Deferral Limit increased to $18.5k for 2018...
May 29, 2018
Income Taxes: 2nd quarter estimates due 6/15/18 Income tax returns (or extension requests) for Ex-Patriots due 6/15/18 Saving and Investing: See if you have adequate Disability Insurance and Life Insurance in...
May 10, 2018
by Jess Huckins How can you make filing your taxes as an independent contractor as easy as possible? How will tax reform affect your locum tenens career in the years to come? Barton Associates’ locum tenens tax guide author and healthcare tax specialist Andrew...
May 5, 2018
IR-2018-102, April 23, 2018 WASHINGTON – While the federal income tax-filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes people who still haven’t filed, people who haven’t paid their...
Apr 30, 2018
Are you a Trump Tax Bill “tweener”, a taxpayer making sizable charitable contributions each year but with the new tax law recently enacted at the end of 2017, no longer being able to itemize your deductions nor claiming a tax deduction for those charitable...
Apr 20, 2018
On March 13, my firm held the third live webinar in our Financial Boot Camp series titled “Estate Planning: Introduction to the Essentials” which was recorded and is now online. Alex Oliver from First National Corporation and Sean Hagan from Eskow Law...
Apr 11, 2018
Extension of Time to File Your Tax Return April 17 is the deadline for most taxpayers to file an extension and to pay taxes owed to avoid penalty and interest charges. If you file for an extension, your return is due October 15, 2018. Special rules may apply if...
Mar 19, 2018
Our friends at Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving...
Mar 16, 2018
by Matt Kolcum, Carr Healthcare Realty Real estate is the second highest expense behind payroll for most healthcare practices. The benefits of capitalizing during lease negotiations can include a healthy raise through increased profitability, reduced debt, a nicer...
Mar 2, 2018
From IRS NEWS – Issue IR-2018-32 The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that...
Mar 1, 2018
March 15, 2018, is the deadline for filing 2017 S-Corp and partnership tax returns, or extensions, 2018 S-Corp elections, and 2018 Section 475 elections. Don’t forget! Don’t think you can file in time? 2017 S-Corp and partnership extensions give six additional...
Feb 10, 2018
For 2017, the standard deduction for a single individual is $6,350 and for a married couple is $12,700. A person will benefit by itemizing once allowable deductions exceed the applicable standard deduction. Itemized deductions include state and local income taxes (or...
Feb 4, 2018
The IRS announced that the standard mileage rate will increase to 54.5 cents per business mile driven in 2018. That is an increase of one cent from the 53.5 cents allowed in 2017. According to the IRS, “Taxpayers always have the option of calculating the...
Jan 18, 2018
As part of the new tax rules that took effect 1/1/18, the standard deduction jumped to $12k for single individuals and $24k for married couples. Additionally, the combined deduction for state and local income taxes and real estate taxes is now capped at $10k. Other...
Dec 28, 2017
As I’ve given more thought to the recent tax law changes, it has become apparent to me that married couples with a small or no mortgage on their homes will have a difficult time itemizing their deductions starting in 2018. With the standard deduction increasing to...
Dec 26, 2017
On Friday, December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 into law. Here are some 9 steps to consider taking prior to 12/31/17 and then during 2018 to minimize your federal tax liability. Prior to 12/31/17, pay all of your 2017 state taxes...
Dec 22, 2017
Just this week the House and Senate both voted on and passed the Tax Cuts and Job Act. With President Trump’s signature, expected in the next week, this tax bill will be enacted into law. Considered to be the largest tax reform in 30 years, this new tax law is...
Dec 21, 2017
With the year-end upon us, many investors see it as the time to rebalance their investment portfolios. However, savvy investors need to be aware of just when the timing is “right” or “wrong” to make that buy or sell trade happen. Mutual funds are required by law to...
Dec 20, 2017
Just want to give you this one quick recommendation as the year winds down to save some taxes. Now that it appears there is a very good chance there will be tax law changes enacted into law for 2018, there is one deduction that is essentially being eliminated in 2018...
Dec 15, 2017
Recently, a client sent us the question “Can I pay for my child’s private school tuition using his 529 plan?”. Unfortunately, the answer is no. Tax free distributions from a 529 plan can only be used for post-secondary education expenses. However, there is...
Dec 11, 2017
With the year-end quickly approaching and time running out on whether or not a major tax overhaul will be enacted before December 31, year-end tax planning has become a big question mark in recent weeks. However, with the Senate passing the “Tax Cuts and Job Act” by...
Nov 30, 2017
Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these plans generally reduce your taxable earnings and always grow tax deferred. You can contribute up to $18,500 into a 401(k) or 403(b) plan through salary...
Nov 30, 2017
With the end of the 2017 calendar year quickly approaching, reviewing your specific tax situation may be tax-wise to help reduce your income taxes as well as possible underpayment of tax penalties. Year-end planning techniques to reduce your taxable income or increase...
Nov 30, 2017
It’s not too late to cut your 2017 tax bill. Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put away up to $18,500 ($24,500 if 50 or older) into...
Nov 28, 2017
These days, most 401k and 403b plans give their participants the option of contributing to the “traditional” version or the “Roth” version. With the traditional version, the amount you contribute reduces your taxable income in the current year,...
Nov 15, 2017
Contributing to a retirement plan is one of the best tax shelters available to you during your working years. Recently, the IRS announced that some of the retirement savings limits will increase for 2018. Employer Sponsored Plans Most working professionals have...
Nov 8, 2017
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2018, the maximum wage base jumps to $128,700, an increase of $1,500, or 1.2%, over the max of $127,200 that was in place for 2017. The Social Security Administration predicts...
Nov 1, 2017
Month Income Taxes Saving and Investing November Need to make applicable elections in connection with employer’s flexible spending account Good time to make semi-annual donation of clothing and household items to charitable organizations. Don’t forget to...
Oct 4, 2017
Whether you live in an area affected by the recent hurricanes, or you have family or friends who live there, the IRS provides guidance to victims of Hurricanes Harvey, Irma and Maria. Special tax relief and assistance is available to taxpayers in the Presidential...
Oct 4, 2017
In the aftermath of the horrific damage in Florida, Texas and the Caribbean caused by the recent hurricanes, there are multiple ways to provide charitable relief to those in need. One way is by contributing stock gifts to 501(c)(3) organizations that are helping in...
Oct 4, 2017
If you change jobs, you need to submit a W-4 form with your new employer. What seems like a very straightforward form can often result in a surprisingly large overpayment or balance due when you file your taxes the following year. Some underlying issues with the W-4...
Oct 4, 2017
From IRS News Bulletin- 2017-112: The Internal Revenue Service issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the...
Oct 4, 2017
By Attorney Neil Cohen, guest contributor You have until January 2, 2018 to file your portability election. What does that mean and why is it important? If your spouse or one of your parents died after December 31, 2010 and no federal estate tax return was filed for...
Sep 13, 2017
As you may have heard, Equifax, one of the nation’s three leading credit reporting agencies, announced last week that they had a major data breach from May through July. The hackers accessed over 143 million consumers’ information, including Social Security numbers,...
Aug 15, 2017
Students and teenagers often get summer jobs which can be a great way to earn extra spending money or to save for later. Here are some additional top tips from the IRS for people with summer jobs: New Employees. When a person gets a new job, they need to fill out...
Aug 2, 2017
It’s only August which means there is still plenty of time to do some reading before Labor Day. Why not take this opportunity to read some business management books before life gets busy again in September? I’m pleased to share with you some of my...
