Author Archives: John D

2018 Earned Income Tax Credit EITC

The 2018 Earned Income Tax Credit has been announced. The maximum earned income tax credit amount for 2018 is $6,444 for taxpayers filing jointly who have three or more qualifying children, up from $6,318 for 2017. These 2018 EITC amounts are different because the IRS adjusts the amounts for inflation each year. Remember that these… Read More »

Are you eligible for the Premium Tax Credit?

The premium tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes Are you eligible for the Premium Tax Credit? The premium tax credit can help make purchasing health insurance coverage more affordable for people with moderate incomes. Question 1: Did you or a family member enroll in insurance… Read More »

Special Tax Benefits Still Available in 40 Designated Empowerment Zones

Eligible businesses can still claim Empowerment Zone tax benefits through the end of this year. Empowerment Zones are certain urban and rural areas where employers and other taxpayers qualify for special tax benefits. The Department of Housing and Urban Development and the Department of Agriculture designated 40 economically distressed locations as empowerment zones. Find a… Read More »

2016 health coverage tax information forms

IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals On November 18, 2016, the IRS extended the 2017 due date for providing 2016 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2017 to provide Forms 1095-B… Read More »

2016 IRA Year- End Reminders

Whether you are still working or retired, you should periodically review your IRAs. Here are few things to remember about year end IRA tips for 2016.   IRA Contribution limits If you’re still working, review the 2016 IRA contribution and deduction limits to make sure you are taking full advantage of the opportunity to save… Read More »

Uber and AirBNB Tax Information

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy. An emerging area of activity in the past few years, the sharing economy has changed… Read More »

Health Flexible Spending Arrangements 2017 FSA Limits

FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers this fall are offering their employees the option to participate during the 2017 plan year. Interested… Read More »

When Can I file my 2016 Taxes in 2017?

Tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. This is the first day that you can file a 2016 tax return. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to… Read More »