Since this is the time of year where families may have just made some change to their household help either for their children or an elderly parent, it is a good time to make sure you are aware if your company offers a Dependent Care Account (Flexible Spending Account). Below is a case study that summarizes [...]
When a family hires an individual to perform duties in or around their home, they are considered a “household employer.” The IRS views the worker — whether a nanny, health aide, housekeeper, gardener, cook/chef, personal assistant, estate manager, etc. — as an employee of the family. Misclassifying an employee as an “independent contractor” is considered tax [...]
July 1 is fast approaching for businesses impacted by the new Earned Sick Time Law. However, the Attorney General is issuing a safe harbor to afford some businesses until January 1, 2016 to come into full compliance. If you already provide employees with paid time off, this may be of use to you. If you have [...]
The numbers were released back in October, but the first week of January is the time where many folks increase their automatic deferrals into 401k plans and other tax favorable accounts. With that said,we thought it would be timely to remind everyone of the increase in limits for 2015. Below is a brief summary of the [...]
Looking for some opportunities to do some year end tax planning? Below is a link to 2 great lists from Samet & Co., a CPA firm in the Boston area. This is one of the best lists we've seen this year outlining strategies for actions you can take before year end. One for individuals and one [...]
The last quarter (or so), we tend to be very focused on tax planning. (Not to be confused with tax accounting in the first quarter or so). With that, it is very timely that last week the IRS issued guidance (Notice 2014-54) on rolling out after tax contributions from a 401k plan. KEY POINT In its [...]
Family Loan-Forgiveness of principal vs forgiveness of debtCredit Card Miles529 ContributionsOutright gifts of up to $14,000 per person-$28,000 from a couple2x for december and january for particular goalLifetime exemptionWhat is not considered a gift
I made a non-deductible "Backdoor" Roth IRA Contribution (to get around income limits), and my taxes went up in TaxAct when filing taxes. I am using a 1099-R that I received with a Gross distribution (box 1) and Taxable amount (box 2) in agreement, plus 2b checked (taxable amount not determined). Distribution code is showing "02 [...]