While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health Benefits. While now reported on W-2's, employer-provided health insurance premiums are currently not required to be reported as
The COVID-19 pandemic has brought overwhelming grief to many families. FEMA has made it a mission to help people before, during and after disasters. They are dedicated to helping ease some of the financial stress and burden caused by the virus. FEMA is providing financial assistance for COVID-19-related funeral expenses incurred after January 20,
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Wednesday, September 15th, 2021 Remember, you are required to withhold at least 90 percent of your current tax
As summer winds down, your business’s financial statements may be due for a quick check-up. Here are several review suggestions to help determine the health of your business prior to year end. Balance sheet reconciliations. Reconcile each asset and liability account every quarter. A well-supported balance sheet can guide decisions about cash reserves, debt financing,
Now is the time to schedule a tax planning appointment. If you are on the fence, here are some things to consider: It can make a difference. This is especially true if you have a major event that occurs during the year. For example: Selling a house? You can avoid taxes if primary residence requirements
For years you have put away money from your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan to help pay your bills or to buy a car.
We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD) rule. Here are some tips you should know about
If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it go away. Because of all the recent tax law changes and so little time to implement the changes, the IRS can be wrong more often than you think. These IRS letters, called correspondent
With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are making noise in preparation for another fun-filled year of late breaking changes. Here is what we know know. For individuals Tuition and Fees Deduction eliminated. This oft-expired
With housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion