Weekly Tax Brief

Finding the right tax-advantaged account to fund your health care expenses

Details: Published: 15 June 2016 15 June 2016

With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview:

Combine business travel and a family vacation without losing tax benefits

Details: Published: 13 June 2016 13 June 2016

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel.

Stock market volatility can cut tax on a Roth IRA conversion

Details: Published: 06 June 2016 06 June 2016

This year’s stock market volatility can be unnerving, but if you have a traditional IRA, this volatility may provide a valuable opportunity: It can allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.

How many employees does your business have for ACA purposes?

Details: Published: 24 May 2016 24 May 2016

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated.

The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the next year.

How summer day camp can save you taxes

Details: Published: 18 May 2016 18 May 2016

Although the kids might still be in school for a few more weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for a tax credit?

Putting your home on the market? Understand the tax consequences of a sale

Details: Published: 10 May 2016 10 May 2016

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about the potential profit (or loss) from a sale, but also about the tax consequences.

QSB stock offers 2 valuable tax benefits

Details: Published: 04 May 2016 04 May 2016

By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits:

Unexpected retirement plan disqualification can trigger serious tax problems

Details: Published: 26 April 2016 26 April 2016

It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations.

Why it’s time to start tax planning for 2016

Details: Published: 20 April 2016 20 April 2016

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016.

Entrepreneurs: What can you deduct and when?

Details: Published: 29 March 2016 29 March 2016

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away.

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