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11 / 23 / 2015 by Greg Freyman, CPA in Bookkeeping

Are 1099 Forms Issued For Goods And Supplies?

Question
I’m a staff accountant for an S Corporation. We need to issue 1099 forms to LLCs and contractors. As an S Corporation, do we need to issue a 1099 for goods and supplies?

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11 / 14 / 2015 by Greg Freyman, CPA in Personal Tax

HSA Contribution Limit For 2015

The tax deadline that is coming up in four months is also an important date for health savings account (HSA) contributions. Similar to an IRA, you have the option of electing whether or not you want to apply the contributions to the 2015 or 2016 tax year. Find out the best ways to use your health savings account by reading about HSA contribution limit.

HSA contribution limit for 2015

You can contribute up to $3,350 for individual health insurance coverage and $6,650 for family coverage and an additional $1,000 if you’re 55 years or older. To contribute to a health savings account, you must have a high-deductible health insurance plan of at least $1,300 for individual coverage and $2,000 for a family plan.

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11 / 07 / 2015 by Greg Freyman, CPA in Personal Tax

Required Minimum Distributions For Beneficiaries

Those fortunate enough to be named a beneficiary of a retirement account will want to know the nuances for reporting income on their tax return. This is specifically important when the account holder passes away before or after the time they are supposed to take required minimum distributions (RMDs).

 

What are required minimum distributions?

Traditional IRA and 401(K) account holders are required to start taking minimum distributions when they reach the age of 70 ½, even if they are still working for an employer at the time. However, in the first year they are required to take distributions, they can defer it until April 1st of the following year.

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11 / 02 / 2015 by Greg Freyman, CPA in News & Press

Freyman CPA Was Featured In Crain’s For The New Accounting Firm

Freyman CPA was featured in Crain’s New York discussing how our firm utilizes technology when working with clients. The article entitled, “The New Accounting Firm,” specifically highlights Freyman CPA as well as some of the larger firms such as PwC, EisnerAmper, WeiserMazars & others. As you may be aware, we have grown our business substantially over the past year as a result of our commitment to technology and to deploying the right resources to better serve our clients.

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10 / 27 / 2015 by Greg Freyman, CPA in Business Tax

Do You Qualify For The Small Business Health Insurance Credit?

While the cost of health insurance continues to rise and employers have additional responsibilities in order to comply with the Affordable Care Act, there is still a tax benefit specifically for companies providing health insurance coverage. Specifically, employers may be eligible for the health insurance tax credit in 2015 for 50% of the cost of premiums contributed by a small business.

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10 / 26 / 2015 by Greg Freyman, CPA in Personal Tax

Does Itemizing Increase My Audit Risk?

Itemizing deductions in itself does not increase the chances of being audited. If we reference the latest IRS statistics, the taxpayer’s income is more of a factor than whether or not they itemized. Specifically:

  • Most basic tax returns with less than $200,000 in income and without any business or investment income have a 0.3% chance of being audited, or 3 out of every 1,000 tax returns are audited.
  • If the taxpayer’s income is at least $200,000 for the same, the rate is 2.2%, or slightly in excess of 2 out of every 100.
  • Over a $1M in income, and the rate is 7.5%.

That being said, if the taxpayer has significant itemized miscellaneous expenses in relation to their income, then that can certainly raise a red flag.

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10 / 21 / 2015 by Greg Freyman, CPA in Business Tax

Planning For The Section 179 And Bonus Depreciation 2015 Limits

In July 2015, the Senate Finance Committee voted 23 to 3 to extend bonus depreciation and the enhanced section 179 deduction through 2016. The full Senate has not indicated if or when it will act on this legislation and the House is not scheduled to take up extenders until the fall. Most practitioners expect it to be reinstated, but time will tell. How should you prepare?

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10 / 20 / 2015 by Greg Freyman, CPA in Personal Tax

Should I Itemize Or Claim The Standard Deduction?

The obvious answer is that if your itemized expenses exceed the standard deduction, you should itemize. That being said, if you don’t have the actual receipts and supporting documentation to justify claiming those expenses, then you run the risk of losing those deductions as a result of an audit, which can be costly from an interest and penalties perspective. Not to mention, you’ll likely need to hire a tax professional to assist you with IRS correspondences.

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10 / 14 / 2015 by Greg Freyman, CPA in Personal Tax

Tax Breaks For Retirees

Many existing or soon to be retirees should pay careful attention to the tax breaks that are available to them. As most of us know, when you’re on a fixed budget, every dollar counts. So, what are some of the tax breaks for retirees?

 

Vitamins/Nutritional Supplements

This can be overlooked as many elderly taxpayers may think there’s no chance of deducting these medical expenses. That’s not always true. We’ve seen countless examples of those on dialysis being prescribed specific supplements & vitamins by their doctor that goes beyond just caring for their general health. With the proper support, in those instances, the costs which can be in the several thousand dollar range and possibly greater are eligible deductions. Specifically, if we reference IRS Publication 502 page 16 — it states, “You cannot include in medical expenses the cost of nutritional supplements, vitamins, herbal supplements, “natural medicines,” etc. unless they are recommended by a medical practitioner as treatment for a specific medical condition diagnosed by a physician. Otherwise, these items are taken to maintain your ordinary good health, and are not for medical care.”

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10 / 05 / 2015 by Greg Freyman, CPA in Personal Tax

Did You Recently Inherit An IRA?

If you did inherit an IRA account from a deceased relative that was under the age of 70 1/2, you’ll be prompted to elect a distribution option. The options are to take a lump-sum distribution, open an inherited IRA based on the life expectancy method or open an inherited IRA based on the 5 year method. What should you do?

 

Elect a lump-sum distribution

In this instance, all assets in the IRA are distributed to you at once. You will pay income taxes on the distribution all at once. You may also move to a higher tax bracket depending on the amount of the distribution and your current income level. However, you will not incur the 10% early withdrawal penalty. This is the option in which you will likely pay a significant amount of taxes in year 1.

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Contact our office at (904) 330-1200 or info@taxproff.com to discuss Tangible Personal Property Tax for your business, or if you have any questions.
AUTHORS

Angela Freyman
MBA

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Greg Freyman
CPA

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