Tag Archives: IRS

2018 HSA limits announced

The IRS recently announced the 2018 inflation-adjusted limits for health savings accounts. For 2018, taxpayers can contribute up to $3,450 (up from $3,400 in 2017) for single coverage, or up to $6,900 (up from $6,750 in 2017) for family coverage. … Continue reading

Posted in Affordable Care Act, Amended Tax Return, Employee Benefits, Filing Taxes, Financial Planning, health insurance, Human Resources, Investing, saving for retirement, saving money, Tax, tax advice, Tax Return, taxes, Uncategorized | Tagged , | Leave a comment

Are You Protecting Yourself from Tax Identity Theft?

The IRS has thwarted some identity theft attempts, but thieves are still stealing billions of dollars every year from taxpayers. Another annual income tax deadline has come and gone. Maybe you had to pay in, but perhaps you were owed … Continue reading

Posted in Business, Business Owner, Filing Taxes, Fraud, New Business, Operational Accounting, Operations, Payroll, record keeping, Tax Fraud, Uncategorized | Tagged , , , , , , , | Leave a comment

Two facts about your chances of being audited

Your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals two interesting and reassuring facts about the risk of an IRS audit. One of these facts is that audits … Continue reading

Posted in Amended Tax Return, audit, Tax, tax advice, tax bill, tax exempt, Tax Fraud, Tax Return, Uncategorized | Tagged , , , | Leave a comment

ITEM #6 – IRS announces business vehicle deduction limits for 2017

The IRS has published depreciation limits for business vehicles first placed in service this year. These limits remain largely unchanged from 2016 limits. Because 50% bonus depreciation is allowed only for new vehicles, these limits are different for new and … Continue reading

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Beware of this fake tax bill scam

The IRS has again issued a scam warning. The newest scam involves receiving via email a fake version of an IRS bill related to the Affordable Care Act. The bill requests payment by check or by clicking a link in … Continue reading

Posted in Affordable Care Act, Filing Taxes, Tax, tax advice, tax bill, Tax Fraud, Tax Return, taxes, Uncategorized | Tagged , , , , | Leave a comment

New relief for 60-day rollover errors

One of the pitfalls of receiving a distribution from your IRA with the intention of “rolling it over,” or depositing it into another IRA or retirement plan, is the 60-day rule. Under the rule, you’re required to complete the rollover … Continue reading

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The IRS wants your RSVP for this notice

Did you receive advance payments of the federal income tax credit that helps pay your health insurance premium? You’re required to reconcile that amount with how much you’re eligible to claim and file a form with your tax return. If … Continue reading

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