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The Charitable IRA
In late 2019, Congress made some significant tax changes taking effect in the 2020 tax year that may apply to many retiree taxpayers. The Secure Act of 2019 made changes to Required Minimum Distributions (RMDs) as well as Qualified Charitable Distributions (QCDs) that are worth noting. One of the changes worth mentioning relates to the…
Read MoreShould I check my Tax Withholding during the Year?
One of the first things you do when you start a new job is your employer will have you complete some paperwork. One of those forms you complete is called a W-4 form. This form tells your employer how much federal income tax to withhold from your paycheck based on the amount of wages paid.…
Read MoreIncreased Indiana Tax Deduction for Military Retirees and their Surviving Spouses
On May 1, 2019, Governor Holcomb signed into law House Bill No. 1010 which included changes to the state income tax deduction for service members and their surviving spouses. An individual, or the individual’s surviving spouse, is entitled to a state adjusted gross income tax deduction for income that was included on their federal tax…
Read MoreChanges That May Affect Your 2019 Taxes
When the 2018 tax reform law was passed, it had many of our clients taking a closer look at how they did their taxes. While most of those changes went into effect last year, there are still a few things that will be different when you file your 2019 taxes that are due April 15,…
Read MoreTCJA: Parking Tax Repealed
Part of the government funding legislation that the President recently signed into law included a provision repealing Section 512(a) (7), commonly referred to as “the parking tax.” The repeal of the parking tax was included in the ‘Further Consolidated Appropriations Act of 2020,’ which contained a number of tax provisions. Section 512(a) (7) was originally…
Read MoreThe SECURE Act and What It Means for Your Retirement
Employer-sponsored retirement plans and IRAs are valuable tools successfully used by millions of Americans to help save for retirement. Attached to the spending bill passed by Congress was the Setting Every Community Up For Retirement Enhancement Act of 2019 (SECURE Act). The intent of the law is to make it easier for Americans to use…
Read More1099’s – What You Should Know
Year end is right around the corner! Federal regulations require all 1099’s to be to the recipients and the government by 1/31/2020.
Properly Accounting for Taxable Fringe Benefits
Every year we ask the question: Did you have any taxable fringe benefits that need to be reported on your employee’s W-2’s? A lot of employers aren’t sure how to do this properly, so we are here to help. Some of the most common taxable benefits are: Bonuses– considered a part of an employee’s compensation.…
Read MoreBring Your Business Into the Cloud
In today’s world, there’s an app for everything, and everything seems to be stored in the cloud. This is also true when it comes to accounting. There are numerous options out there, but I would like to spotlight two that our firm consistently uses for our business clients. Those products are QuickBooks Online and Receipt…
Read MoreGetting Audited? Let us help!
On occasion, having your books and records audited by a governing agency is a part of being an income taxpayer and a business owner. We have the expertise and experience to successfully help you navigate an audit. When most people think about getting audited, they think about income tax audits. However, if you are a…
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