News & Articles

6 Cool Ways to Save Taxes During the Hot Summer Months

Posted on Wed, May 30, 2018

The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer.

Read More

Tags: Vacation Home, Federal Taxes, Business Tax Savings, Rental Property, Tax Cuts and Jobs Act (TCJA)

How Much Does the IRS Let Delinquent Taxpayers Live On?

Posted on Mon, Jul 31, 2017

The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for a taxpayer's (and his or her family's) health and welfare, as well as his or her ability to produce income.

Read More

Tags: Federal Taxes, Bill Collecting, Taxpayer, IRS

Avoid Retirement Account Rollover Pitfalls

Posted on Mon, May 19, 2014

After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These accounts include 401(k)s, profit-sharing plans and stock bonus plans. The standard advice is to roll everything over into an IRA. That advice generally makes sense, because you can take over management of your retirement funds while continuing to defer taxes on the income generated.

Read More

Tags: EHTC Article, Retirement, 401k Plan, IRA Rollover, Federal Taxes, Individual's IRAs, Direct Rollover, Articles, Taxes

ACA Update: Penalty Rules, Deadline Looming & Overall Confusion

Posted on Tue, Sep 24, 2013

The IRS recently issued final regs involving the penalty individuals must pay if they don't maintain minimum health insurance coverage under the Affordable Care Act (ACA). Meanwhile, employers are facing a major ACA deadline. By October 1, they must provide employees with an explanation of their health insurance options. Are you confused about the ACA? Don't feel bad. A new survey shows that about half of Americans don't understand basic health insurance terms or the law.

Read More

Tags: EHTC Services, Affordable Care Act (ACA), Federal Taxes, Tax Penalties, CPA Firm, Echelbarger, EHTC