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 […]
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 […]