SIMPLE Plans This Fall?

SIMPLE Plans This Fall? by  Susan Moussi

Fall is in the air and so a reminder about establishing SIMPLE plans, notifying employees, and making elections. SIMPLE plans are easy to set up, have a lower start-up and annual costs, and are simpler to operate in that there is no annual reporting. Employees decide how much to contribute, and the employer can choose one of two matching options.

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Organizing Tax Documents? Remember—Statements, Not Screenshots

{1:37 minutes to read} InformationOrganizing Tax Documents? Remember—Statements, Not Screenshots by Susan Moussi seems to be available at the touch of a screen or click of a mouse. If one wants to know the balance in an account, in a brief moment, one can quickly pull up the summary on their desktop or smartphone. 

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I’m Getting Divorced. What Will Happen to My Home?

I’m Getting Divorced. What Will Happen to My Home? by Susan Moussi

{3:55 minutes to read} Aside from the emotional attachment one may have for their home, there are also financial attachments. The residence may be the 1st or 2nd largest asset acquired during your marriage. Below are some questions you may want to ask yourself when making decisions about what to do with the home.

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11th Hour Tax Filing Changes for 2016: Are You Affected?

{2:05 minutes to read} Two important and recent changes may impact your 2016 tax-filing process.

11th Hour Tax Filing Changes for 2016: Are You Affected? by Susan Moussi

Health Coverage Status

The President’s Executive Order on January 20th, 2017, directed federal agencies, including the IRS, to begin implementing plans for a full repeal of the Affordable Care Act (ACA). As of this past February, health coverage status is no longer required to be reported on the individual tax return for the 2016 tax year.

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Are You Aware of 2016’s Tax Law Changes?

Are You Aware of 2016’s Tax Law Changes by Susan Moussi

{2:47 minutes to read} As we get close to the end of the year, it’s important to remember and be aware of some tax law changes that came into effect in 2016.

Child Tax Credit

This is the $1,000 credit for which parents of children under the age of 17 are eligible. Nothing changes about the way the credit is calculated or who is entitled to it. What changes is that you now have to have in place a Taxpayer Identification Number (TIN) for that child by the due date of the return.

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Tax Rules Regarding Legal and Professional Fees

Tax Rules Regarding Legal and Professional Fees by Susan Moussi

{3:35 minutes to read} Tax rules regarding legal and professional fees can be complex and sometimes disappointing.

Complex since there are certain legal and professional fees for which you can get an immediate tax write-off. In other cases, you can add these expenses to the cost of the relevant item and write it off over a longer period of time. Disappointing because some aren’t deductible at all, and oftentimes they are only beneficial as a deduction when they exceed 2% of your adjusted gross income. Here’s what you should know:

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6 Ways to Save Money Next Tax Season

6 Ways to Save Money Next Tax Season by Susan Moussi

{4:30 minutes to read} Having just completed the 2015 tax filing season, I have been reflecting on some of the situations that caused me and my team to spend more time on preparing tax returns this year. The cost of tax preparation is based on the amount of time needed to prepare the return, so identifying places where changes can be made throughout the year can help save my clients money next year.

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