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Category: Tax Tips

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November 6, 2019
Save For A Disabled Family Member With A Tax-Advantaged Account

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which...
Susan Bishop
October 15, 2019
Use a Coverdell ESA to Help Pay College, Elementary and Secondary School Costs

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions gro...
Susan Bishop
Consider electing to contribute to a health FSA for 2019. You can put in up to $2,700 to your employer's health FSA to help cover out-of-pocket medical costs. Amounts contributed to an FSA escape federal income tax as well as payroll taxes.
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Brandon Dunigan
You must clean out your health flexible spending arrangement by December 31st if your employer hasn't implemented either the 2 1/2 month grace period or the $500 carryover rule. Otherwise, you will forfeit any money left in your account.
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Brandon Dunigan
An LLC can be taxed as a partnership, an S Corporation, or a C Corporation depending on the elections that are made.
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Chris Wittich
Minnesota has an R&D tax credit which is calculated independently of the federal R&D credit.
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Chris Wittich
There are two higher education tax credits; one is partially refundable, the other is nonrefundable. Be sure to use the right one.
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Chris Wittich
Revocable trusts can be ignored for tax purposes until the grantor dies.
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Chris Wittich
The Tax Cuts and Jobs Act of 2017 is now considering certain fringe benefits for employees given by nonprofits unrelated business income and will need to be reported on the 990T.
- Becky Gibbs, CPA
Becky Gibbs
There are two different ways to exclude your foreign earned income from your U.S. tax return - the physical presence test or the bona fide resident test.
- Chris Wittich, CPA
Chris Wittich
Do you own a building? Cost segregation studies can be used to create a huge increase depreciation for one year when you own a building.
- Chris Wittich, CPA
Chris Wittich
The FBAR deadline has changed - it's now due with the tax return instead of June 30th.
- Chris Wittich, CPA
Chris Wittich