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IRS Sets 2017 HSA Limits

9/27/2016

 
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The IRS announced inflation-adjusted limits for deductible contributions to health savings accounts (HSAs) for 2017.

For family coverage, the contribution limit will be $6,750, and for individual coverage, the limit will be $3,400.


If you’re age 55 or older, you can contribute an additional $1,000 during 2017.

​HSAs
combine high-deductible health insurance plans with pretax contributions to a healthcare savings account. The savings account funds
can be withdrawn tax-free to pay unreimbursed medical expenses.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact your CPA or tax advisor for additional details.
​

Get Organized and Improve Your Business

9/14/2016

 
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The art of placing information in a logical order, more prosaically called organization, is key to the efficiency of your business, which can in turn increase productivity.
​

Fortunately, you can master the art of organization by making habits out of simple techniques.

Here are suggestions:

Organize your tax records

​Create a filing system to collect the documentation needed to take advantage of tax breaks, such as credits for hiring certain workers and accelerated depreciation methods for business assets.
For example, for asset purchases, retain receipts, and make sure the details include the type of equipment, the date and amount of the purchase, the date you began using the equipment, and a schedule of additional related costs, such as set-up costs, that might be eligible for capitalizing.

For ordinary deductible business expenses, such as car expenses, travel costs, professional magazines, meeting and association fees, and seminar and training expenses, establish an electronic or paper filing system to store receipts.

Organize your electronic records

Is your email cluttered with so many messages you don’t know where to look for what you need?

Aim to make your inbox hold only the current day’s emails. Delete non-critical emails. Electronically sort critical messages into folders to eliminate time-wasting searches. To reduce the daily deluge, cancel automatic messages that are no longer useful.

Organize your paper records

Are your file cabinets – the ones that hold real paper – stuffed to overflowing? Review and shred outdated documents. If the information might be needed later, scan it into computer files.

Consider using document management software. Organize your desk by shredding documents with sensitive information and scanning older papers into computer files. The most efficient method is to scan, file, and shred as soon as you are finished with a document.

If you don’t have time, consider assigning document organization to specific employees and making it a task to be completed on a daily basis.

Organize your future

Address succession planning for your critical employees well before a crisis occurs.

Document daily responsibilities, skills needed to complete essential tasks, and the location of all paper and electronic files. Appoint and cross-train backup staff.

You’re already busy, and you may believe that organizing your records will take more time than you have.

But think about why you feel as though your day is overloaded. Is one reason because you’re spending your efforts searching through a disorganized office?
In that case, mastering the art of organization may save you not only time, but money as well. Contact us for more suggestions.

Tax Filing Reminders

9/1/2016

 
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A few tax reminders:

  • September 15 – Third quarter installment of 2016 individual estimated income tax is due.
  • September 15 – Filing deadline for 2015 tax returns for calendar-year corporations that received an automatic extension of the March filing deadline.
  • September 15 – Filing deadline for 2015 tax returns for partnerships that received an extension of the April filing deadline.
  • October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2016.
  • October 17 – Deadline for filing 2015 individual tax returns on extension.
  • October 17 – Deadline for reconverting a Roth IRA to a regular IRA.

    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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  • Home
  • Why Us?
    • Reviews
    • Open Positions
  • Client Services
  • Resources
    • Save on QBO Subscriptions!
    • Tax Refund Status
    • Gusto Year End Checklist
    • Videos >
      • Business Taxes >
        • 2019 Business Tax Highlights
        • 7 Ways Small Business Can Save On Tax
        • Taxes for S-Corp Owners
        • The IRS Loves Businesses
      • Personal Taxes >
        • 2019 Tax Highlights
        • Five Yearly Tax Essentials
        • 4 Common Tax Surprises
        • Retirement Can Be Taxing
        • Advance Child Tax Credit Reconciliation - 2022
        • Make the Most of Your Donations
        • Five Great Tax Secrets
        • Renting Your Property Tax Free
        • Ideas to Audit-Proof Your Tax Return
      • The Tax Cuts & Jobs Act >
        • The Tax Cuts & Jobs Act: What You Need to Do Now
        • The Tax Cuts & Jobs Act: Are Itemized Deductions A Thing of the Past?
        • The Tax Cuts & Jobs Act: The New Child Care Tax Credit
      • Tax Topics >
        • Tax Season is Coming!
        • The New World of Deductions: What Everyone Needs to Know
        • Proving Your Deductions
        • How to Fix a Mistake on Your Tax Return
        • How Long Should I Save It?
        • Tax Credit vs Tax Deduction
        • Understanding Effective Tax Rate
        • Understanding Marginal Tax Rate
      • Life Events >
        • Life Events: A New Birth
        • Life Events: Marriage
        • Life Events: Divorce
    • Articles >
      • Accounting & Bookkeeping >
        • How to Get the Most Out of Your Accounting Fees
        • The 10 Biggest Money Leaks in Your Accounting System
      • Business Factors >
        • IRS Rules for Classifying Workers
        • Checklist for a Healthy Cash Flow
        • 12 Ways to Improve Your Business Profits
        • 10 Step Annual Business Check-Up
      • Tax Topics >
        • Tax Guide for Self-Employeds
        • 15 Things Every Tax Payer Should Know
        • Disaster Casualty Losses
        • Travel & Entertainment Deductions
        • Tax Guide - A Deduction Checklist
        • What You Should Know About Tax Audits
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      • Newsletters - Monthly Editions >
        • Newsletter - Monthly Edition
      • Newsletters - Quarterly Editions >
        • Newsletter - 2019 Fall/Winter
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