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 […]
Tax Scams
IRS Warns of New Phone Scam Involving Bogus Certified Letters; The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so […]
Why Donate?
Ask for a New Year’s Bonus Instead of a Christmas Bonus By delaying your bonus by only a week, you can push the payment of taxes on the income 15 months into the future — a year from next April. Clean Out Your Closets and Donate to Charity You can clean out the old clothes, […]
Did someone say 401k?
Contribute the Maximum to Your 401(k) or 403(b) Retirement Plans Some employers will allow you to catch up on contributions by increasing your deduction on your last paychecks of the year. If you are 50 or over, don’t forget that you can contribute an additional $5,500 “catch-up” contribution in addition to the regular 401(k) or […]
Estimate and Save Reciepts
Estimate Your Taxes. You can use TurboTax TaxCaster to estimate your taxes and see if you need to make any last minute tax moves. The IRS treats income taxes withheld from your paycheck as if they were paid in equal amounts throughout the year. So if your calculations show you’ll owe money, you can increase […]