Tax refund fraud is on the increase. Taxpayers caught in these scams often spend months trying to resolve the problem and get the refund they deserve. Authorities suspended some state electronic tax filings (federal returns were unaffected) at the beginning of February in response to a flurry of fraudulent returns. The FBI is involved in…
Recently, the Obama administration announced that approximately three to six million households likely face a penalty for failing to obtain minimum essential healthcare coverage in compliance with the Affordable Care Act (ACA). This number might sound smaller than it should be because many of the 20 to 37.5 million people still without health insurance are…
While the growth in healthcare expenses has slowed in recent years (3.6 percent in 2013), it’s still growing substantially higher than the overall inflation rate (1.5 percent for 2013). For this reason, it’s a good idea to utilize saving, spending and investment options available with today’s popular health savings accounts. Health Care Flexible Spending Arrangement…
For millions of workers who don’t have access to an employer-sponsored retirement plan, the new myRA (which stands for My Retirement Account) enables them to save for retirement via paycheck deferrals. The account is free for employers to offer and employees pay no upfront or investment fees to participate. The plan was announced at last…
The mortgage interest deduction is one of the most popular in the whole tax code; however, it is more complicated than it first appears. Generally, you need to satisfy five factors before you can deduct mortgage interest. These factors are: Who paid the mortgage? Who is listed as the borrower? Is the property secured by…
In the wake of the Sony hacking incident, how can companies reduce the chance of their electronic and hard-copy records being compromised? Hackers can infiltrate your organization within the office or across the globe. Help your organization reduce the likelihood of an attack and its debilitating effects by taking both proven and emerging security steps….
Year-end tax planning is not restricted to individual taxpayers. Some astute moves by the owners or managers of a small business can also shave dollars off your tax bill. As it does with individual tax planning, uncertainty exists, but here are five practical ideas to consider in any event. Wait and see on equipment purchases….
Year-end tax planning is rarely, if ever, simple. This year is certainly no exception. As we approach the end of 2014, certain tax provisions have remained in limbo, perhaps depending on the results of the midterm elections. Nevertheless, this does not mean you should stand idly by. Here are seven timely tax strategies that may…
There is more to look forward to than just senior citizen discounts as you approach the end of your working career. When you cross certain thresholds, you may benefit from special provisions affecting retirement savers. Here is a brief rundown of these age-based mileposts. Social Security benefits: Generally, you must wait until a specified age…
It is difficult to find good workers and often even tougher to keep them. That is why you might entertain the idea of rehiring someone who left the business and is now hoping to return. However, this scenario is not without potential pitfalls, especially if you encountered problems with the worker the first time around….
