Tax Tips

New Retirement Account Available to Your Employees

The U.S. Department of the Treasury has developed the myRA program, short for My Retirement Account. This new Roth IRA retirement savings account is for individuals looking for a simple, safe, and affordable way to start saving. Employees can open an account with as little as $25 and contribute $5 or more every payday. Balances […]

Am I required to provide health insurance coverage to my employees?

While no employer has to offer health insurance coverage, some larger businesses may have to make an Employer Shared Responsibility Payment. This could apply to employers of different sizes at different times. If your business has: Fewer than 50 employees, you’re not subject to the Employer Shared Responsibility parts of the law any year. You may […]

The Individual Shared Responsibility Provision (ACA)

What this means for you and your family Under the Affordable Care Act, the Federal government, State governments, insurers, employers, and individuals share the responsibility for health insurance coverage beginning in 2014. Many people already have qualifying health insurance coverage (called minimum essential coverage) and do not need to do anything more than maintain that […]

Free Workshops for Small Businesses

IRS Small Business Workshop January 21, 2015, 9-11 AM Santa Fe Community College This workshop is for you if you presently own a business, are thinking about starting a business, or have just started a business. The Internal Revenue Service partners present record keeping, selecting the right type of business entity, expenses, office in the home, depreciation and basic […]

Business Use of a Vehicle & IRS Direct Pay

Business Use of a Vehicle In general, if you use your vehicle in a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle.  However, any expenses associated with the personal use of the vehicle are not deductible.  For purposes of these deductions, “car” includes a passenger […]

Affordable Care Act (ACA) Individual Mandate Notice

This is a reminder regarding insurance coverage in 2014 and the potential impact on your 2014 income tax return. Beginning in 2014, unless you are covered by an exemption, you are required to maintain basic health insurance coverage (known as minimum essential coverage) for yourself and any of your dependents, or pay a shared responsibility payment […]

Expired Tax Provisions (Businesses) & Year-End Gift Taxing

Expired Tax Provisions (Businesses): Certain items no longer available for 2014 There are quite a few tax provisions that expired last year. It’s uncertain whether Congress will act in time to make these benefits available for 2014. Some of these provisions include:

Coverdell ESAs & New Direct Deposit Limits

Coverdell Education Savings Accounts: What exactly do they offer? Coverdell Education Savings Accounts (ESAs), previously known as Education IRAs, are trusts created exclusively for the purpose of paying the qualified education expenses of the designated beneficiary of the trust.