Tax Tip Tuesday

Please follow the links below to see past Tax Tip Tuesday articles. If you would like to receive these emails, please click the link on our homepage, or email 

                                          Tax Objectives 

TTT 10.10.17 Final Deadlines

TTT 10.3.17 Current Affairs and Their Tax Impact

TTT 9.26.17 Keeping You and Your Money Safe

TTT 9.19.17 Back to School Tax Tips

TTT 9.12.17 'Tis the Season to Start Tax Planning

TTT 9.5.17 Welcome Back

TTT 7.25.17 Document Retention for Individual Taxpayers  

TTT 7.18.17 Deductions and Contributions  

TTT 7.11.17 Tax Consequences of Relocating  

TTT 6.27.17 Tax Planning Throughout the Summer  

TTT 6.20.17 Summertime Bandits  

TTT 6.13.17 Selling a Home  

TTT 6.6.17 Childcare Expenses - Care and Credit Plans  

TTT 5.30.17 Attention Graduating Students and Parents  

TTT 5.9.17 Withholding and Estimated Tax Payments  

TTT 5.2.17 Key Numbers to be Aware Of   

TTT 4.25.17 Top Take-Aways This Past Tax Season 

TTT 2.14.17 Happy Valentine's Day  

TTT 1.3.17 Happy New Year  

TTT 12.27.16 Final Tax Planning News for 2016 

TTT 12.20.16 Important Dates and Knowledge  

TTT 12.13.16 College Student Tax Qualifications  

TTT 12.6.16 Keeping Your Identity Safe  

TTT 11.29.16 Motor Vehicle, Home, and Boat Owners  

TTT 11.22.16 Happy Thanksgiving  

TTT 11.15.16 Valuable Tax Tools We Provide

TTT 11.8.16 2016 Presidential Election  

TTT 11.1.16 The Secure Drawer Portal  

TTT 10.25.16 Last Remaining Tax Planning Days

TTT 10.18.16 Due Dates and Deadlines  

TTT 10.10.16 Final Tax Filing Date  

TTT 10.4.16 Holiday Observance  

TTT 9.27.16 Required Minimum Distribution  

TTT 9.20.16 Deduction Planning Opportunities  

TTT 9.13.16 Control Your Taxes with Basic Tips  

TTT 9.6.16 Considerations and Comparisons  

TTT 8.30.16 Summer 2017 is Ending; Tax Tips are Launching   

Tax Alerts
Tax Briefing(s)

Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule of passing a tax reform bill before year-end. 

Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your 2017 tax liability for the most part – good or bad – will mostly be set in stone.

As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains on the books. The ACA’s reporting requirements for individuals have not been changed by Congress. At the same time, the Trump Administration has proposed administrative changes to the ACA, which could expand health reimbursement arrangements (HRAs), the use of short-term, limited duration health insurance, and association health plans.

Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses as long as the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must bear a direct relationship to the taxpayer's business and must be made with a reasonable expectation of a financial return commensurate with the amount of the gift. However, the $25 annual limitation per recipient on deductibility is applicable to holiday gifts, unless a statutory exceptions applies.

For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid a household employee cash wages of at least $2,000 in 2016 or in 2017 ($2,100 in 2018). Employers must pay FUTA tax (6%) if they paid total cash wages of at least $1,000 in a calendar quarter to household employees. A homeowner may be an “employer” to a housekeeper; or, if enough evidence is shown, merely a recipient of services by an independent contractor or self-employed individual.

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2017.