PPP Forgiveness

How to Best Utilize Your PPP Loan

Congratulations if you received either your PPP 7(a) loan or notification from your lender that you will receive those funds soon. Now you need to figure out how to make the best use of this forgivable loan. Please remember that the primary purpose of the PPP loan is to provide money to small businesses to… Continue reading How to Best Utilize Your PPP Loan

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

Education, Savings, Taxes

8 Tax Savers for Parents

From IRS Tax Tips: Your children may help you qualify for valuable tax benefits. Here are eight tax benefits parents should look out for when filing their federal tax returns this year. 1. Dependents.  In most cases, you can claim your child as a dependent. This applies even if your child was born anytime in 2013.… Continue reading 8 Tax Savers for Parents

SS Tax 101, Taxes

SS Tax101: Choosing the Right Filing Status

We're happy to start a monthly "Tax 101" Series! We'll feature basic topics of taxes and hopefully answer those questions that you maybe felt were "too silly to ask" a CPA in person.  And please let us know if there are topics you'd like us to cover. Topic 1: Filing Statuses (from IRS Tax Tips) Using… Continue reading SS Tax101: Choosing the Right Filing Status

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

Uncategorized

Holiday Volunteer Day

We enjoyed our day at The Mission of Deeds very much! We helped sort furniture, holiday decorations, and household items that will be distributed directly to families in need.  We were also able to see some of the beds we help sponsor monthly through their Buy A Bed program. To learn more about Mission of… Continue reading Holiday Volunteer Day

Uncategorized

Year End Planning Tip

During December, you should evaluate whether you'll save any taxes by postponing 2013 income or deductions into 2014 or by accelerating 2014 income or deductions into 2013.  While many factors should be evaluated prior to making your final decision, a few items to keep in mind are as follows: For 2013, a single person will… Continue reading Year End Planning Tip

Planning

Checklist to Cut your 2013 Tax Bill

It's not too late to cut your 2013 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 $17,500 ($23,000 if 50 or older) into your 401(k) or 403(b) plan.  If you’re self-employed, consider… Continue reading Checklist to Cut your 2013 Tax Bill

Uncategorized

Social Security Max increase to $117,000 for 2014

Each year, the government bumps up the maximum Social Security taxes that you can pay. For 2014, the maximum wage base jumps to $117,000, an increase of $3,300, or 2.8%, over the max of $113,700 that was in place for 2013. The Social Security Administration predicts that 10 million individuals will end up paying higher… Continue reading Social Security Max increase to $117,000 for 2014

Taxes

IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

[Editor's Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented more than 25 years ago, all I've seen is more and more complex tax rules… Continue reading IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

Taxes

IRS Delays Tax Season

The IRS has announced it will delay the start of tax season due to the Federal government shut-down.  The agency needs adequate time to program and test tax processing systems prior to the start of next tax season. The earliest individual tax returns will be accepted is now January 28, 2014.  The filing deadline remains… Continue reading IRS Delays Tax Season