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In This Issue
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CPA News:
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 Alert: Expired Home and Education Tax Breaks Revived
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Answers to Commonly Asked Tax Questions
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Tax Checklist for Business Startups
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Magnificent 7 Must-Dos
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Snowbirds And State Taxes
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Last-Minute Tax Tips
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| Connect With Us
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| Services |
- Income Tax Preparation for all types of businesses and individuals
- IRS, State and Local Audit Representation
- Trust, Estate and Gift Compliance
- QuickBooks setup, support and training
- Business startup services
- Monthly bookkeeping
- Financial statements
- Family Office
- Nonprofit Administration
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| Additional Updated Information |
| February 2018 Newsletter |
| January 2018 Newsletter |
| Tax Filing Reminders |
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MARCH
1 - Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full.
2 - Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals.
15 - 2017 calendar-year S corporation income tax returns are due. 2017 partnership returns are due. Deadline for calendar-year corporations to elect S corporation status for 2018.
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| March 2018 Q & A |
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Q: I bought two box seats for a baseball game during a charitable auction. Can I deduct the full value?
A: If you receive anything more than a good feeling for helping others, you will likely only be able to partially deduct the donation. To figure how much, learn the fair market value of, in your case, the baseball tickets. Then subtract the value of the tickets from your total donation. The remainder is your tax-deductible donation. Use the same formula to learn how much you can deduct from a donation to a not-for-profit group that includes a magazine or tote bag in return.
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Alert: Home and Education Tax Breaks Revived
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Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners.
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Answers to Commonly Asked Tax Questions
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With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year.
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Tax Checklist for Business Startups
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Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn’t have to be that way.
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Magnificent Seven Must-Dos
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Now that you've settled into 2018, consider these seven achievable steps to benefit your business and personal life.
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Snowbirds And State Taxes
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It’s not uncommon for older homeowners in colder climates to also own property in the Sun Belt. Snowbirds, for instance, may own homes in northern and southern states, and may even earn income in both places. Unfortunately, this can complicate their tax picture.
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Last-Minute Tax Tips
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As the tax filing deadling for many businesses nears, now is a good time to go over your tax planning for this year and next. And if uyou don't do tax planning, this is a good time to start.
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Short Bits |
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SOCIAL SECURITY RECIPIENTS GET A 2% INCREASE
After two years with virtually no increase, Social Security beneficiaries will receive a 2% cost of living allowance (COLA) increase in 2018. This will raise the average Social Security monthly benefit for all retired workers from $1,377 to $1,404. Workers will see Social Security taxes disappear a little later, with maximum taxable income rising to $128,700.
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HSA POPULARITY CONTINUES TO GROW
The Employee Benefit Research Institute (EBRI) found continued growth in Health Savings Accounts (HSAs) in 2016. Enrollment in high-deductible health plans (required to have an HSA) in 2016 was estimated to be 20.2–22.6 million policyholders and their dependents, covering nearly three in 10 employees. The average balance, including individual and employer contributions, was $2,532, up dramatically from $1,604 at the beginning of the year. HSAs allow rollovers from one year to the next.
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HOURLY WAGES KEEP UP WITH INFLATION
Continuing a stubborn trend, U.S. real average hourly earnings remained almost stagnant. Adjusted for inflation, wages rose just 0.2% from September 2016 to September 2017. There was a 2.5% increase in average hourly earnings offset by a 2.3% rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
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DON’T COUNT ON INCREASED LIFE EXPECTANCIES
The Society of Actuaries found that the U.S. age-adjusted mortality rate, a measure of the number of deaths per year, rose 1.2% from 2014 to 2015. That’s the first year-over-year increase since 2005, and only the second rise greater than 1% since 1980.
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To learn more about Katz Viola Lebenhart & Mauro, LLP,
visit www.kvlmcpa.com.
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