Now is the time to begin planning to take full advantage of your employer’s health flexible spending arrangement (FSA) during 2019. Employees have four opportunities to enroll in the company FSA plan: within 30 days of hire date or a qualifying life event (QLE), during the...
When it comes to saving for retirement, the clock is ticking. To illustrate the value of time, let's consider three Roth IRA investors. Kate, Derek, and Jane all decide to open Roth IRAs to supplement their other retirement accounts. Each investor hopes to build this account...
The year-end is just around the corner, so it’s time for some year-end tax and reporting issues for business owners, especially S Corporations. Your payroll department or company has probably already provided you with an exhaustive multipage document that discusses every possible item that could be...
Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due to a court order) after...
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. However, the TCJA suspends the...
Get 2018 tax documents ready for upcoming filing season The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019. The IRS...
As the year is winding down, it is time to start thinking about some tax planning. [caption id="attachment_18421" align="alignright" width="200"] JONATHAN M. DEHOEK Associate, EA | Tax and Audit Specialist[/caption] Business owners as you know your income and expenses can fluctuate from year to year. Now is...
Back in 2015, Governor Snyder and the Michigan legislature eliminated taxation of personal property for most small businesses. Specifically, those with personal property with less than $80,000 value, according to the state’s assessment guidelines. Basically, depreciated book value. However, to obtain the exemption, Michigan small businesses...
I'm 35 and am the sole proprietor of a small business. I've always been a good saver and have put some money in an IRA every year, but I know it's not enough. What else can I be doing? For a sole proprietor, saving for retirement...
The IRS issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees. The...