Tax

The Affordable Care Act and Your Tax Return

With the implementation of the ACA, a new vocabulary has been added to the world of tax preparation. In order to properly complete your income tax filings going forward, you will need to answer many questions concerning health care coverage for yourself and your family. Do not be surprised if your tax preparer asks you…

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Have You Had Your Annual Estate Plan Checkup?

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan

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Tax Extenders: 3 Credits For Businesses On Their 2014 Returns

The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits — which are particularly valuable because they reduce taxes dollar-for-dollar. Here are three credits that businesses may benefit from when they file their 2014 returns

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Cost of Living Adjustments for 2015

Various employee plan benefit and contribution limitations are subject to cost of living adjustments.  The Internal Revenue Service has released the new limits, which are effective as of January 1, 2015.

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Tax Extenders: 3 Breaks For Individuals On Their 2014 Returns

On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that individuals may be able to take advantage of when filing their 2014 returns

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You may be able to save more for retirement in 2015.

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings.

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What Every Business Owner Needs to Know About Implementing the New Tangible Property Regulations

Over the last several years, the IRS has published a series of regulations and rulings that dramatically change how taxpayers must account for the costs of acquiring, repairing, improving and even disposing of tangible property. These new rules represent some of the most significant changes in tax law since the Tax Reform Act of 1986…

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Employer Reimbursement of Individual Health Insurance Premiums May Subject Employers to Severe Penalties

In the past, employers were allowed to either reimburse employees for the cost of individual health insurance policy premiums or pay the premiums directly on behalf of the employee.  Provided the proper requirements were met, as required under the Internal Revenue Code, these benefits could be provided to the employee on a pre-tax basis.  Due…

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President Signs Tax Increase Prevention Act

Thanks to the tenacious activity by Congress at year end, the President signed into law the “Tax Increase Prevention Act of 2014,” (TIPA) on December 20, 2014. This is commonly referred to as the “Tax-Extenders” law that retroactively extended, for one year only, many of the previously passed tax breaks for businesses and individuals that…

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Virginia Payroll Due Date Changes

Form VA-6 and supporting statements (W-2s and 1099s) will now be due January 31 each year. The previous due date was February 28. In 2015, because January 31 falls on a weekend, the actual due date will be the next business day: Feb. 2. As usual, the forms must be filed electronically, according to the…

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