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So far Joseph Ohara has created 141 blog entries.

Seniors may be able to write off Medicare premiums on their tax returns

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may qualify for a tax break for paying the premiums. Medicare premiums are medical expenses You [...]

By |2021-06-22T07:55:28-04:00June 22nd, 2021|CPA-Blog|Comments Off on Seniors may be able to write off Medicare premiums on their tax returns

Traveling for business again? What can you deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note that under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed [...]

By |2021-06-21T13:47:13-04:00June 21st, 2021|CPA-Blog|Comments Off on Traveling for business again? What can you deduct?

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible families when used to finance college: You don’t have to report the interest [...]

By |2021-06-16T13:55:23-04:00June 16th, 2021|CPA-Blog|Comments Off on Tax-favored ways to build up a college fund

2021 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter [...]

By |2021-06-15T07:38:59-04:00June 15th, 2021|CPA-Blog|Comments Off on 2021 Q3 tax calendar: Key deadlines for businesses and other employers

Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent [...]

By |2021-06-07T17:06:44-04:00June 7th, 2021|CPA-Blog|Comments Off on Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You generally must start taking withdrawals from your IRA, SEP, SIMPLE and other [...]

By |2021-06-07T17:06:01-04:00June 7th, 2021|CPA-Blog|Comments Off on Retiring soon? 4 tax issues you may face

Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business [...]

By |2021-06-01T10:21:11-04:00June 1st, 2021|CPA-Blog|Comments Off on Hiring your minor children this summer? Reap tax and nontax benefits

Plan ahead for the 3.8% Net Investment Income Tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, $125,000 for married taxpayers filing separately, $200,000 for unmarried taxpayers and heads of [...]

By |2021-06-01T10:20:54-04:00June 1st, 2021|CPA-Blog|Comments Off on Plan ahead for the 3.8% Net Investment Income Tax

Many parents will receive advance tax credit payments beginning July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable for 2021. The law increased the maximum CTC — for 2021 only — [...]

By |2021-05-25T10:54:34-04:00May 25th, 2021|CPA-Blog|Comments Off on Many parents will receive advance tax credit payments beginning July 15

The IRS has announced 2022 amounts for Health Savings Accounts

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high deductible health plan.” In addition, a participant can’t be [...]

By |2021-05-24T17:00:44-04:00May 24th, 2021|CPA-Blog|Comments Off on The IRS has announced 2022 amounts for Health Savings Accounts
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