The Tax Professionals Blog
Obamacare Plans and HSAs
Posted by Lee Reams Sr. on
The question has arisen can an individual purchase health insurance through a government marketplace and also have an HSA?
Record of Completion Deadline Approaching – VERY IMPORTANT!
Posted by Lee Reams Sr. on
As we emphasized during last year’s ClientWhys fall seminars, effective for tax returns and claims for refunds prepared and signed after Dec. 31, 2015, the limited right to represent clients before the IRS held by non-credentialed preparers, including California Registered Tax Preparers (CRTPs), will only be accorded to those preparers participating in the IRS Annual Filing Season Program and who obtained their annual Record of Completion.
Tax Extender: Teacher $250 Above the Line Deduction
Posted by Lee Reams Sr. on
Background: This provision, which has been available since 2002 and through 2014, allows teachers and eligible educators, grades kindergarten through 12, to take an above the line deduction, up to $250 for expenses that would otherwise qualify as employee business expenses under Code Sec 162. U Under the legislation (Act Sec 104): This deduction is made permanent. The $250 is inflation adjusted in years after 2015. Qualified expenses include professional development expenses TIP: Remember, if properly documented as a non-cash charitable contribution, the teacher’s expenses can generally be treated as a charitable contribution, although a charitable donation will require the...
Tax Extender: Earned Income Tax Credit (EITC)
Posted by Lee Reams Sr. on
IRS 2016 Standard Mileage Rates
Posted by Lee Reams Sr. on
The IRS in Notice 2016-01 has announced the standard mileage rates for 2016. Due to the declining gas prices in 2015 the rates have taken a significant drop. 54 cents per mile for business miles driven (down from 57.5 cents in 2015) 19 cents per mile driven for medical or moving purposes (down from 23 cents in 2015) 14 cents per mile driven in service of charitable organizations (fixed by Congress, never adjusted for inflation)