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If you have a high deductible health care plan and already contribute to an HAS, or would like to start, IRS has released an expanded list of preventive care costs that are eligible to be paid through an HSA.

First, what is a high deductible health plan (HDHP)? 

The defi...

One of the major provisions of the Tax Cuts and Jobs Act was the creation of a new deduction (Code Section 199A) for business owners operating as a sole proprietor, as a shareholder in an S Corporation or a partner in a partnership venture. This new deduction also exte...

You should probably take one very important estate planning action as soon as you finish reading this.

Check the beneficiary designations for your:

  • bank accounts,

  • brokerage firm accounts,

  • tax-favored retirement accounts,

  • company benefit plans,

  • lif...

The Taxpayer First Act of 2019 (TFA) was signed into law on July 1, 2019. The focus of the bill is to enact changes in the IRS’s organizational structure which includes customer service, enforcement procedures, management of information technology, and improving intera...

The new Tax Withholding Estimator, launched last month on IRS.gov, includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments.

The mobile-friendly estimator replaces the Withholdi...

IRS Interest Rates Drop

If you are participating in an installment plan with IRS to pay taxes owed with your 2018 tax return, the interest rate for underpayments beginning July 1, 2019 is 5%, down from 6%.

Storm Scams

With hurricane season in full swing, and September be...

IRS Automatically Waives Estimated Tax Penalty For Eligible 2018 Tax Filers

The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not c...

Here are some facts taxpayers should know about the right to appeal an IRS decision:

  • Taxpayers have the right to a fair administrative appeal of most IRS decisions.

  • There is an independent office called the IRS Office of Appeals. This office is separate from th...

  • Their payoff amount, which is updated for the current day.

  • The balance for each tax year for which they owe taxes.

  • Their payment history.

  • Key information from the their most current tax return as originally filed.

After viewing their information, a...

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year.

By checking their withholding, taxpayers can make sure enough is being taken out of their paychecks or o...

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Our Recent Posts

If you have a high deductible health care plan and already contribute to an HAS, or would like to start, IRS has released an expanded list of preventi...

Preventive Care and HSAs

September 30, 2019

One of the major provisions of the Tax Cuts and Jobs Act was the creation of a new deduction (Code Section 199A) for business owners operating as a so...

Rental Real Estate Safe Harbor for Qualified Business Income Deduction (Code Section 199A)

September 24, 2019

You should probably take one very important estate planning action as soon as you finish reading this.

Check the beneficiary designations for your:

  • ...

Check Your Beneficiary Designations Now, Before Disaster Strikes

September 23, 2019

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