Articles
Tax Insight
Disability Severance Payments If you were discharged from military service due to a medical issue between 1991 and 2016, you may have received a lump-sum Disability Severance Payment (DSP). The IRS treated these payments as income, even though they are recouped by decreases to Veterans Administration Disability Pensions in later years. In December 2016, President […]
TAX INSIGHT
Important Tax Deadlines Aug. 15, 2018 – Extended exempt organizations returns due Sept. 17, 2018 – Third-quarter estimated taxes due Sept. 17, 2018 – Extended partnerships and S corporations returns due Oct. 15, 2018 – Extended individual tax returns due Tax Notes The Tax Cuts and Jobs Act raised the Child Tax Credit from $1,000 […]
Mid-Year Tax Checkup
It’s hard to believe that we are halfway through the year already. July is a good time to make sure that you are making the best choices for your tax health. Here are some tips to help make tax time 2019 less stressful. Check your withholding. The best thing that you can do to decrease […]
What is this QBI deduction I’ve been hearing about?
One of the most talked-about parts of the Tax Cuts and Jobs Act is the QBI deduction, or qualified income business deduction. So what exactly is it, and can I get it? What is the QBI? The qualified business income deduction is a 20% deduction on most income from pass-through entities such as partnerships, S […]
Medicaid Waiver Payments
Payments from State agencies to care providers are excluded from gross income per IRS Notice 2014-7 Are you receiving difficulty of care payments under a state medicaid waiver program? Did you know those payments could be tax free!!! Who qualifies for this tax benefit? Any caregiver who has been paid by state agencies to provide […]