Uncategorized

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

2015 Year End Newsletter

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

2015 Year End Newsletter

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)

2015 Year End Newsletter

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

2015 Year End Newsletter

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 Newsletter, Uncategorized

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

2015 Year End Newsletter, Deductions

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

2015 Year End Newsletter

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

2015 Year End Newsletter

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)