Tag Archives: strategic planning

How do I? Figure the child care credit

Child care can undoubtedly prove to be a costly expense for any taxpayer. In some instances, taxpayers must weigh whether the cost of child care is a deterrent to returning, or, in some cases, entering the workforce. Although the IRS may not be able to control market prices of child...
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What to expect on 2016 Form 1040: Key changes

Each new filing season may bring changes to the Form 1040, U.S. Individual Income Tax Return, as well as draft instructions for Form 1040 and any related Schedules, and this year is of no exception. The following highlights some of the changes to 2016 Form 1040, its Schedules and other...
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FAQ: How is virtual currency taxed?

Virtual currency – often referred to as ‘bitcoin” — is a mystery for many people but an everyday currency for others. As virtual currency grows in popularity, questions arise about its taxation. The IRS treats virtual currency as property and not as currency. This means that general tax principles that...
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How do I? Make tax-free gifts for tuition

With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such an expensive endeavor, as well as save the generous taxpayers in gift and generation-skipping taxes. Under federal law, tuition payments that are made directly to an...
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Natural disaster tax relief and preparedness

Following a natural disaster, the affect such a calamity would have on ones taxes is likely the last thing on an individual’s mind—if it crosses his or her mind at all. However, as inconsequential of a thought as it may seem as an individual is contending with the physical manifestations...
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FAQ: What are “excepted benefits” for purposes of ACA minimum essential coverage?

The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum essential coverage includes most government-sponsored health care programs, such as Medicaid, Medicare, and TRICARE.  Eligible employer-sponsored plans; individual market plans, including plans...
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Congress returns for year-end tax legislation push

Year-end 2016 is expected to bring a rush of tax-related legislation in Congress. Lawmakers will be up against a December 31 deadline to renew some expiring tax incentives and possibly pass new tax breaks for individuals and businesses. The year may end with what is often called a “Christmas Tree...
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Understanding your key performance indicators – and managing your critical numbers

Measuring your performance over time is what keeps you informed and in control of your business. And having your systems set up to track, measure and deliver key performance indicators (KPIs) is the bedrock of understanding your ongoing business story. But what KPIs should you be looking at? And what...
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