There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...
All income begins with gross income, which is the total of all money earned in a year. This includes wages, salaries, bonuses, capital gains, and interest income. As we know from our...
What is a health expense reimbursement agreement (HRA)?A health reimbursement agreement (HRA) is an employer-funded plan that reimburses employees for eligible medical expenses and,...
Posted by Schneiderman and Friedman on 01/18/2021
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
Thanks to the Internal Revenue Service's (IRS) cost-of-living adjustment, you can save more money on retirement plans and health savings accounts (HSAs) by 2020. This year, good...
An employee's work is usually repaid in wages, salaries, commissions, tips, additional benefits, fringe benefits, and bonuses. All of these taxes are subject to various state and...
Taxpayers are always looking for legitimate ways to save on taxes and with the right tax preparer, you will always get advice on ways to save on the amount you pay for taxes each season....
The federal government estimates that approximately 60% of people use paid tax preparers to complete and file their tax returns. If you fall into this category, you have nothing to...
Posted by Tim Thompson CPA PLLC on 06/15/2020
The thought of retiring can be a terrifying prospect. Think about it: it's practically decades of unemployment, assuming you don't work at all during this time, with a set...
Posted by Freddie Cook, CPA on 06/11/2020