Important Reminder: California’s Winter Storms Postpones June 15 Payments
The winter storms that hit California in December and January have caused a lot of damage and disruption. As a result, taxpayers affected by these storms qualify for an extension to October 16, 2023 to file individual and [...]
The IRS Has Just Announced 2024 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” [...]
4 Tax Challenges You May Encounter If You’re Retiring Soon
Are you getting ready to retire? If so, 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 [...]
If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled
Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for [...]
Use the Tax Code to Make Business Losses Less Painful
Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, [...]
Questions You May Still Have After Filing Your Tax Return
If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. But some questions may still crop up about the return. Here are brief answers [...]
The IRS Clarifies What Counts as Qualified Medical Expenses
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal [...]
Education Benefits Help Attract, Retain and Motivate Your Employees
One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is [...]
Businesses, Be Prepared to Champion the Advantages of an HSA
With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead [...]
Tax News for Investors and Users of Cryptocurrency
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box [...]