IRS2Go is the official mobile app of the IRS Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more! IRS2Go is available in both English and Spanish. Download IRS2Go for your mobile device: IRS2Go offers many features Refund Status Check the status of… Continue reading IRS Mobile App – Check Your Refund, Make Payments, and More
Year: 2015
To Do Before 12/31
4th quarter state estimates should be paid by 12/31 for people who itemize their deductions and won't be hit by the AMT. Keogh plans and Solo 401(k)'s must be established by 12/31 529 Plans must be funded by 12/31 to take full advantage of this year's gift limit of $14,000. Last chance to maximize annual… Continue reading To Do Before 12/31
What a Buyer and Seller Might Consider
by Guest writer Bob Cahill, Sr. Mortgage Banker, Leader Bank NA With the first Fed rate increase since 2006 expected in mid-December, 30 year fixed mortgage rates have already risen by roughly .25% - to 3.875-4.00% - in anticipation of such an increase. At this time, only a horrific jobs report in early December will derail… Continue reading What a Buyer and Seller Might Consider
Awesome Quickbooks Tips and Guide
On November 6th, Schwartz & Schwartz held a great meeting for our medical and dental practice owners. As one of the sessions, Andrew Schwartz presented a variety of tips and suggestions on how healthcare professionals in practice can better utilize QuickBooks for their bookkeeping. You can view Andrew's Quickbooks Training and Tips pdf here: QuickBooks course.… Continue reading Awesome Quickbooks Tips and Guide
No Increase to Social Security Max for 2016
For just the third time since Congress enacted automatic Cost-of-Living Adjustments (COLA) for Social Security back in 1975, there will be no increase to the Social Security Wage Base. "The Social Security Act provides for an automatic increase in Social Security and SSI benefits if there is an increase in the Consumer Price Index for Urban… Continue reading No Increase to Social Security Max for 2016
IRS announces Few Increases to Retirement Plan Limits for 2016
On October 21st, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2016. Unfortunately, the bulk of the retirement savings limits will not increase from 2015. No Increases for 2016 Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these… Continue reading IRS announces Few Increases to Retirement Plan Limits for 2016
Use Your Employer’s Health Flex Spending (FSAs)
Now is a great time to begin planning to take full advantage of your employer’s flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the… Continue reading Use Your Employer’s Health Flex Spending (FSAs)
Don’t Forget About IRAs
Even if you're covered under a retirement plan at work, you and your spouse can each contribute up to $5,500 into a traditional IRA or Roth IRA for 2015 and 2016, as long as your combined wages and net self-employment income exceeds the total amount contributed. Anyone 50 or older can contribute an extra $1,000,… Continue reading Don’t Forget About IRAs
Deducting Un-Reimbursed Professional Expenses
According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Employees may not deduct professional expenses that are eligible for reimbursement from their… Continue reading Deducting Un-Reimbursed Professional Expenses
Checklist to Cut Your 2015 Taxes
It's not too late to cut your 2015 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 $18,000 ($20,000 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut Your 2015 Taxes
IRS Warns of Phone Scam
The IRS has warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or… Continue reading IRS Warns of Phone Scam
2015 Year End Planning
During December, you should evaluate whether you'll save any taxes by postponing 2015 income or deductions into 2016 or by accelerating 2016 income or deductions into 2015. While many factors should be evaluated prior to making your final decision, a few items to keep in mind are as follows: For 2015, a single person will… Continue reading 2015 Year End Planning
IRS Warns of Tax Scams and Identity Theft
From IRS Tax Tips Bulletin: The IRS provides the following tax scam warnings so you can protect yourself and avoid becoming a victim of these crimes: Be vigilant of any unexpected communication purportedly from the IRS at the start of tax season. Don’t fall for phone and phishing email scams that use the IRS as… Continue reading IRS Warns of Tax Scams and Identity Theft
Deducting Un-reimbursed Professional Expenses
According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession. The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses
IRS Announces Few Increase to Retirement Plan Limits for 2016
On October 21st, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2016. Unfortunately, the bulk of the retirement savings limits will not increase from 2015. No Increases for 2016 Most working professionals have access to a 401(k) plan or a 403(b) plan at work. Amounts contributed to these… Continue reading IRS Announces Few Increase to Retirement Plan Limits for 2016
Use Your Employer’s Health Flex Spending (FSAs)
Now is a great time to begin planning to take full advantage of your employer’s flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the… Continue reading Use Your Employer’s Health Flex Spending (FSAs)
Don’t Forget About IRAs
Even if you're covered under a retirement plan at work, you and your spouse can each contribute up to $5,500 into a traditional IRA or Roth IRA for 2015 and 2016, as long as your combined wages and net self-employment income exceeds the total amount contributed. Anyone 50 or older can contribute an extra $1,000,… Continue reading Don’t Forget About IRAs
Checklist to Cut Your 2015 Taxes
It's not too late to cut your 2015 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 $18,000 ($20,000 if 50 or older) into your 401(k) or 403(b) plan. If you’re self-employed, consider… Continue reading Checklist to Cut Your 2015 Taxes
2015 Year End Planning
During December, you should evaluate whether you'll save any taxes by postponing 2015 income or deductions into 2016 or by accelerating 2016 income or deductions into 2015. While many factors should be evaluated prior to making your final decision, a few items to keep in mind are as follows: For 2015, a single person will… Continue reading 2015 Year End Planning
Join Us Nov. 6 – Dental practice event
ANNUAL DENTAL PRACTICE MANAGEMENT SUMMIT OFFERED BY SCHWARTZ & SCHWARTZ Spend an afternoon with us and Improve your Practice Management Know-How! In one afternoon, you’ll learn practical steps that you can take immediately to improve your Practice, including: How to run QuickBooks software and interpret reports How to handle your specific employee and HR issues How to negotiate your lease, work with a bank when purchasing… Continue reading Join Us Nov. 6 – Dental practice event