by Joan Buchman Miller | Oct 26, 2017 | income tax, tax planning
Tax updates – Fall 2017 The following is a summary of a few important tax developments that have occurred in the past three months. President Trump and key lawmakers reveal tax reform plan. The document provides some detail but leaves many specifics to be worked...
by Joan Buchman Miller | Sep 18, 2017 | income tax, tax planning
As we move into the fall season, we want to take time to discuss a few summer updates from the IRS. Today we talk about the ability to amend returns for expensing election, the recently released 2018 inflation adjustments for Health Savings Accounts and information...
by Joan Buchman Miller | Aug 14, 2017 | income tax, tax planning
Can you take a medical expense deduction for the costs of weight-loss program? The answer is a qualified yes. A weight-loss program is a deductible medical expense only if you participate in the program as treatment for a specific disease diagnosed by a physician. If...
by Joan Buchman Miller | Aug 7, 2017 | employees, income tax, tax planning
Given the ever-escalating cost health care, one cost-effective option to consider is a health savings account (HSA). For eligible individuals, HSAs offer a tax-favorable way to set aside funds to meet future medical needs. Here are the key tax-related elements:...
by Joan Buchman Miller | Jul 25, 2017 | depreciaion, income tax, Uncategorized
The IRS limits the annual depreciation and expensing deductions for the majority of automobiles to specific dollar amounts. These amounts are inflation-adjusted each year. For autos (not trucks or vans) first placed in service during 2017, the dollar limit for the...
by Joan Buchman Miller | Mar 13, 2017 | income tax, LLC, tax planning
The LLC is becoming a popular entity structure. Today we discuss some of the major reasons it might be appropriate for a business to operate as a limited liability company. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured...
