10 Tax Breaks Reauthorized for Tax Year 2015

Brian SingletonBlog, Watch Your Wallet

Congress finally took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive to January 1, 2015, many tax provisions were made permanent while others were extended through 2016 or 2019. Let's take a look at some of the tax provisions most likely to affect taxpayers when filing their 2015 tax returns. 1. Teachers' Deduction for Certain Expenses Primary and ... Read More

Health Flexible Spending Arrangements in 2016

Brian SingletonBlog, Watch Your Wallet

Eligible employees should begin planning now to take full advantage of their employer's health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers this fall are offering their employees the option to participate during the 2016 plan year. Interested employees wishing to contribute during the ... Read More

What Employers Need To Know About The ACA

Brian SingletonBlog, Watch Your Wallet

The healthcare law contains tax provisions that affect employers. The size and structure of a workforce--small or large--helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. The number of employees an employer has during the current year determines whether it is an applicable large employer for the following year. Applicable large employers (ALEs) are generally ... Read More

2015 Year-End Business Tax Planning

Brian SingletonBlog, Watch Your Wallet

Business tax planning gets more important as the sun begins to set on 2015. While the fate of several business-related tax extenders that expired at the end of 2014 is uncertain, there are still year-end business tax planning strategies to reduce the tax burden for 2015.

Individual Tax Planning for 2015

Brian SingletonBlog, Watch Your Wallet

Tax planning strategies for individuals for 2015 include income and deductions timing, as well as careful consideration of timing related investments, charitable gifts, and retirement planning.