Individual Tax

/Individual Tax

Don’t Feel Bad…Most Americans Struggle With Tax Concepts

By | March 27th, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

Are you pulling your hair out right now trying to figure out a tax deduction from a credit?  Or worse, do I need file a separate business tax form for your new LLC?  According to a recent NerdWallet survey, you are not alone. Out of eight questions about IRS rules for common deductions, retirement, and [...]

Getting Personal About Personal Exemptions

By | March 9th, 2017|Individual Tax, News & Events|

Tax return benefits for the family Are you entitled to personal and dependency exemptions on your tax return? It might be the last year you can claim the exemption for someone—say, a child graduating from college—or exemptions may be eliminated altogether by tax reforms that could be coming in conjunction with proposed rate cuts. At [...]

Time Running Out on FSAs

By | March 6th, 2017|Health Care, Individual Tax, News & Events|

  Generally, amounts left over in a flexible spending account (FSA) for health care or dependent care expenses are forfeited at the end of the year. But some companies allow a 2½-month “grace period.” The grace period for FSAs in 2016 ends on March 15, 2017. If possible, empty out your FSAs by then. [...]

IRS Selects Private Tax Collectors

By | March 3rd, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts during the 2016 tax return filing season. Background: Under the Fixing America’s Surface Transportation (FAST) Act of 2015, a highway spending measure, the IRS can assign private companies to collect taxes on [...]

ABLE Accounts: tax-advantage savings program for people with disabilities

By | February 17th, 2017|Accounting & Auditing, Estate & Trust, Individual Tax, News & Events|

Early last year we discussed the ABLE Accounts as a potential option for Alabama families.  By December, the state of Alabama instituted the program, per State Treasurer Young Boozer, with a contract with the state of Nebraska.  The Alabama plan will be known as Enable Savings Plan Alabama, and more information can be found at [...]