Tax Insights with Hawkins Ash CPAs

If you are a small business looking to retain employees, the benefits you offer can be the difference between keeping a good employee and losing them. If you do not offer a retirement plan for your employee, now may be a good time to start one, and you can get a tax credit to cover some of your costs.

As business get more and more competitive, owners are making improvements to their product and premises. As these improvements are made, did you know that some of them may be eligible for a tax credit? The Disabled Access Credit is one way to save tax dollars by making improvements to your business. Learn more and listen in!

With the unemployment rate as low as it has been in the last 50 years, employers know how difficult it is to hire qualified employees. Did you know that the IRS has a federal tax credit for hiring individuals in targeted groups? Hiring individuals from these targeted groups can fill a need and save some taxes for your business. Listen in and learn more!

Last episode we talked about how $1 of additional income could cost you tens of thousands of dollars. This week I want to go the other way. I want to tell you how you can add income to your return and really have no additional federal tax.

As more and more people go onto the Health Care Marketplace to get their health insurance, they need to mindful of the cliff that can mean paying back tens of thousands of dollars of health insurance subsidies. This is an area where planning is critical if you are close to the limit.

The Affordable Care Act of 2010 brought some additional recording requirements with it for certain businesses. To discuss this I invited Greg Kenworthy, who heads up the form 1095 reporting area of our Firm, to talk with us

As we talked about last week, many taxpayers had their tax bill go down even though they saw less of a refund. With tax reform bringing rates down to levels that we have not seen in a while, we all have a limited window to take advantage of these rates, but not how you would expect. We can take advantage of these rates by not using them.

Now that April 15th has passed, you have seen first-hand how the new tax bill affected your taxes. With so many moving parts, tax reform affected people in many different ways. For the most part, taxpayers paid less tax, but many still saw their refunds decrease.

Renting out your personal residence as a vacation rental on Airbnb or another site will affect your taxes. Learn more about the impact in this podcast.

Most retirees know that when they reach the age of 70 ½, they may have to start taking distributions from their retirement accounts. Notice I said may – most people think this is must. There are ways to delay or not be required to take the distributions.

Listen in to learn more of what cash vs. accrual basis is and its background.

Although Roth IRAs have been around for 20 years, people still have not used them to their maximum benefit. Roth IRAs allow individuals to contribute after-tax money, get tax free (not deferred) earnings and have no requirements that the amount begin to be distributed at age 70 ½.

Kids Wages/Business and Retirement Plans by Tax Insights with Hawkins Ash CPAs

As we get into the middle of tax season, returns are being filed and refunds are issued. But did you know that there are factors that can affect the timing of your refund? Learn about them here.

When a young person gets a job for the first time, it amazes them how much comes off in taxes. They make $10 per hour and work 20 hours per week. They expect to get a $200 paycheck, but instead they only get $150 after taxes. Today, I want to talk about payroll taxes and how taking advantage of your employer’s benefits can reduce the tax.

On December 10, the IRS published a notice which detailed how the IRS planned on implementing the part of the Tax Cuts and Jobs Act for “qualified parking” benefits to employees. As the rules are currently written, there will be many parking lot expenses that will be not-deductible for 2018.

As a business owner, did you know that you might be required to send Form 1099s to your vendors and that your customers may be required to send them to you?

According to the Wall Street Journal, the average college graduate has student loan debt of over $37,000, and as a group, the Federal Reserve Bank of New York says the amount is over 1.3 trillion dollars. This student loan debt is really affecting the new graduate’s ability to start their lives and even buying a home. Starting a college savings plan can help reduce this debt and help with the stud...

You Have Received an Inheritance – Now What? by Tax Insights with Hawkins Ash CPAs

Whether you are an employee or you own your own business, retirement plans can be the best way to retire with dignity. With fewer companies offering pensions, it is really important that we save on our own for our own retirements. That being said, although workers are getting better, most still need to contribute more.