September 2019 E-Newsletter

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FIRM NEWS

Anthony Viola Warns Seniors Against Scams
Anthony Viola, the firm's senior partner, spoke with Newsday for a story in Act 2 on how senior citizens can protect themselves from scammers. He said that, with the use of cell phones and the Internet, people are more likely to be victims of a scam. "As technology gets more sophisticated, more people have seized the opportunity to try and scam people out of their money — particularly, unsuspecting senior citizens," he said.

Mr. Viola advised people not to provide personal financial information over the phone to people who claim to be from a charity. Instead, he asks that they ask for a mailed solicitation. "If the caller balks at the request, be suspicious, hang up," he said.

Click here to read the article.


CPA NEWS

IMPORTANT LAW UPDATE FOR ALL EMPLOYERS
IN NEW YORK STATE

New York Governor Andrew Cuomo has signed a bill prohibiting employers from threatening to contact an immigration enforcement agency on an employee. The law goes into effect on October 2019.

I Owe Tax on That?
5 Surprising Taxable Items
Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means?

Is FIRE Right For You?
A relatively old idea with a new name is gaining increased interest among Millennials. Proponents of FIRE — Financial Independence, Retire Early — work toward early retirement by reducing spending during their working lives to build the funds needed for future financial freedom.

Smart Tactics to Manage Student Debt
According to the Federal Reserve, U.S. student loan debt is now $1.5 trillion with more than 44 million borrowers. Only mortgage debt currently has bigger numbers among types of consumer debt.



Services

  • Income Tax Preparation for all types of businesses and individuals
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  • Business startup services
  • Monthly bookkeeping
  • Financial statements
  • Family Office
  • Nonprofit Administration

Additional Updated Information

August 2019 E-Newsletter

July 2019 E-Newsletter



September 2019 Q & A

Q: I've owned a small business for a couple of years and recently hired my first employees. I would like to offer them health insurance, but I'm unsure I can afford it. Is it true I can get a credit by offering a health plan for the first time?

A: Possibly. The Small Business Health Care Tax Credit is a credit of up to 50% of your employees' premium costs if you provide them with a qualified health plan from a Small Business Health Options Program (SHOP) marketplace. One exception to the requirement is if you don't have a SHOP marketplace plan available in your area. You can only claim the credit for two consecutive years and other rules and restrictions apply.


Q: My husband insists we should fill out a FAFSA form for my daughter's upcoming first college year, but I think we make too much to qualify for aid. Should we?

A: Why not? You might be surprised, and you have nothing to lose by filling out a Free Application for Federal Student Aid (FAFSA). Generally, the higher a family's income, the less available financial aid may become. However, having to pay college tuition for two or more children simultaneously and other circumstances may help parents with higher incomes qualify.

SHORT BITS

2020 HSA LIMITS.

The IRS has released inflation-adjusted limits for Health Savings Accounts in 2020. The annual limitation on deductions for individuals with self-only coverage under a high deductible health plan (HDHP) is $3,550. The contribution limit for employees with family coverage under an HDHP is $7,100. The increases are $50 and $100, respectively.

The IRS defines a "high deductible health plan" as a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage. It limits annual out-of-pocket expenses such as deductibles and copayments to $6,900 for self-only coverage or $13,800 for family coverage. These figures are small increases from tax year 2019.

INCOME UP.

Americans' personal income continues to rise, according to figures from the U.S. Bureau of



Economic Analysis (BEA). Personal income increased 0.5% in April, according to the Bureau's estimates. Disposable personal income increased 0.4% and personal consumption expenditures rose 0.3% during the same timeframe. Income increases were primarily seen in personal interest, wages and salaries, and government social benefits. The same April BEA report showed that Americans' personal savings rate was 6.2% of disposable income.



GREYER WORKFORCE.

The number of older Americans in the workforce continues to increase, according to the Bureau of Labor Statistics. The participation rate for workers ages 65 to 74 is projected to be 30.2% in 2026, compared with 17.5% percent in 1996, while workers age 75 and older are expected to participate at a rate of 10.8% in 2026, up from 4.7% in 1996.



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