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Dear Valued Client,
Happy New Year! This edition of our client newsletter is loaded with important tax and personal finance information. We start with comprehensive coverage of the Tax Extender Legislation for individuals and businesses. We have included the latest on the IRS phone and e-mail scams, health insurance marketplace, IRA conversions and much more.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Happy New Year! This edition of our client newsletter is loaded with important tax and personal finance information. We start with comprehensive coverage of the Tax Extender Legislation for individuals and businesses. We have included the latest on the IRS phone and e-mail scams, health insurance marketplace, IRA conversions and much more.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
All You Need to Know about the New Tax Extender Legislation
Congress has reached a bipartisan agreement on tax extenders, aptly named "Protecting Americans from Tax Hikes Act of 2015". Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at some of the key provisions included in the legislation that pertain to individuals, small businesses, and certain energy-related provisions:
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Important Reminder For Purchasing Your Health Insurance Through The Government Marketplace
When applying for insurance through a state or the federal health insurance marketplace, you will be asked to provide an estimate of your household income for 2016. Your household income is a key factor in determining if you are qualified for an insurance subsidy called the premium tax credit (PTC). Any premium tax credit that you are entitled to will be computed on your 2016 tax return when it is filed in 2017. However, the insurance marketplace will allow you to reduce your insurance premiums during the year by applying this credit in advance based upon the estimate of your household income you provided when applying for the insurance. This advance is referred to as the advanced premium tax credit (APTC).
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Don’t Be a Victim to IRS Phone and E-Mail Scams
Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and others using your name and destroy your credit in the process. They are clever and are always coming up with new and unique schemes to trick you.
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Are Legal Expenses Tax Deductible?
A frequent question that arises is whether legal expenses are deductible. The answer to that question can be both yes and no and can be complicated depending upon the nature of the legal expense. The Internal Revenue Code (IRC), which is the body of tax laws written by the United States (U.S.) Congress and approved by the president in office at the time the law is created, tells us that except as otherwise expressly provided, such as itemized deductions, no deduction shall be allowed for personal, living, or family expenses.
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Unpaid Debt Can Take Your Refund
As the 2015 tax season approaches, you may be getting excited about your potential tax refund.
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Traditional to Roth IRA Conversions - Should You? Did You? Wish You Hadn’t?
The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything.
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Launching a Startup: 8 Steps to Make it Happen
Every year, thousands of entrepreneurs across the nation launch their own business. If you’re ready to start your own business, here’s a step-by-step overview of what you need to do to make your vision become a reality.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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