Translations from Your Trusted Advisor.
Do you have capital gains and losses to report on your tax return, or think you might? The IRS recently issued a fact sheet outlining ten helpful tips on capital gains and losses. Check out their fact sheet to learn more.
Andrew Luce, CPA •
A commonly used tax savings strategy is done when an individual or employer makes a contribution to a Health Savings Account (HSA). Luckily, as an individual or employer, you still have time to make a contribution after December 31st to an HSA. For example, a contribution made into your HSA in 2017 might be deductible on your 2016 income tax return. The following information summarizes some key facts about the timing, deductibility, and contribution limits of HSAs:
If you use QuickBooks, you likely already know how to use the Bank Reconciliation feature. However, did you know that you can also use this feature with credit cards and loans?
Dana Bull, CPA •
Congratulations! You just won your Super Bowl bet! Or, you did your research, poured over the stats, drafted wisely and won your fantasy football league. You now have bragging rights for the year! You may also have a tax bill. Most people are aware that other income sources such as wages, salaries, interest and dividends are taxable. But other income such as gambling and prizes are also taxable. The IRS requires taxpayers to report these winnings as miscellaneous income.
In their latest tax tip, the IRS debunks several myths about tax refunds. Most notably, if you are one of many taxpayers with a delayed refund due to having the Earned Income Tax Credit or the Additional Child Tax Credit, you won't see a date on their "Where's my Refund?" site until after February 15th.
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