Potential Money Saving Ideas
Before you watch the ball drop or set those New Year’s resolutions, let’s talk tax planning. At this time each year, it is always useful to consider year-end personal income tax planning. This year the planning may be even more important. 2016 will be the last Obama tax year...
The filing deadline for 2016 W-2s is 1/31/17. This applies to both employee and Social Security Administration copies.
The 1/31/17 deadline also applies to 2016 Form 1099-Misc with amounts reported in Box 7 (nonemployee compensation)... Read More
In 2016 only estates of individuals worth more than $5,450,000 are taxed ($10,900,000 for a married couple). People with estates approaching or exceeding those amounts use various creative methods to avoid paying the tax including a GRAT (grantor retained annuity trust), a... Read More
Nov. 2 , 2015 -- The National Academy of Public Accounting Professionals (NAPAP) has selected Terry R. Hall, Jr., CPA, of Novinger, Ball & Zivi, PC in Knoxville as one of the 2015 "Top 10 Public Accounting Professionals" in Tennessee. Read More
Only qualified expenses in excess of 10% of your Adjusted Gross Income (7.5% for those 65 and up) are deductible. Here is a list to help determine deductible and non-deductible medical expenses: Read More
The IRS has issued guidance indicating that health insurance reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties. Read More
“I sold my house this year, am I required to pay taxes on the gain?”
This is a common question that we hear from our clients each year. The answer of course is the typical accountant answer: it depends. The majority of home sales will escape taxation altogether. To see if you are one of the lucky ones, follow these steps... Read More
Registering online for a Sales & Use Tax account with the TN Department of Revenue can be easy if you know what information you need ahead of time. Most items they request you should have readily available. Although, if you get halfway through... Read More
1. Increase Fidelity Bond coverage. Most policies provide only $25,000 of coverage. An increase to $200,000 would be relatively inexpensive. Read More
2. Owner/manager should receive unopened bank statements and review the cancelled checks. Automatic transfers should be reviewed closely. Unauthorized checks would be...