Weekly Tax Brief

A refresher on the ACA’s tax penalty on individuals without health insurance

Details: Published: 01 August 2017 01 August 2017

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.”

3 Midyear Tax Planning Strategies for Individuals

Details: Published: 25 July 2017 25 July 2017

In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear:

3 Midyear tax planning strategies for business

Details: Published: 18 July 2017 18 July 2017

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses.

Own a vacation home? Adjusting rental vs. personal use might save taxes

Details: Published: 12 July 2017 12 July 2017

Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences:

Summer is a good time to start your 2017 tax planning and organize your tax records

Details: Published: 05 July 2017 05 July 2017

You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips:

Claiming a federal tax deduction for moving costs

Details: Published: 28 June 2017 28 June 2017

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a federal tax deduction for your moving costs.

2017 Q3 tax calendar: Key deadlines for businesses and other employers

Details: Published: 20 June 2017 20 June 2017

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs

Details: Published: 08 June 2017 08 June 2017

With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are in grade school or younger.

Donating a vehicle might not provide the tax deduction you expect

Details: Published: 05 June 2017 05 June 2017

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction.

Business owners: When it comes to IRS audits, be prepared

Details: Published: 31 May 2017 31 May 2017

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process.

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