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Highlights of the American Rescue Plan Act Information

Posted on April 4th, 2021

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Read More…

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Personal Protective Equipment Qualifies for Deduction

Posted on April 2nd, 2021

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. Read More…

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Important Tax Changes for Individuals and Businesses

Posted on January 5th, 2021

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Read More…

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Business Tax Provisions: The Year in Review

Posted on December 6th, 2020

Here’s what business owners need to know about tax changes for 2020.

Standard Mileage Rates
The standard mileage rate in 2020 is 57.5 cents per business mile driven.

Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $50,000 (adjusted annually for inflation). This amount is $55,200 for 2020 returns. Read More…

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Health Coverage Terms Employers Should Know

Posted on October 4th, 2020

Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees. Read More…

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High-deductible Plans Cover Costs for Coronavirus

Posted on April 2nd, 2020

You can use high-deductible health plans (HDHPs) to pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status and you may continue to contribute to a health savings account (HSA). Read More…

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ACA Reporting Requirements for Employers

Posted on February 4th, 2020

The health care law contains tax provisions that affect employers and it is the size and structure of a workforce that determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Read More…

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Tax Benefits of Health Savings Accounts

Posted on December 2nd, 2019

While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. Read More…

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Seasonal Workers and the Healthcare Law

Posted on November 2nd, 2019

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). Read More…

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List of Preventive Care Benefits Expanded for HSAs

Posted on August 2nd, 2019

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific medical care services or items listed for chronic conditions including hypertension, congestive heart failure, osteoporosis, asthma, depression, liver disease, and diabetes. Any medical care previously recognized as preventive care for these rules is still treated as preventive care. Read More…

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Tax Benefits of Health Savings Accounts

Posted on November 5th, 2018

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no “use it or lose it”), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions. Read More…

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The Health Care Law and Hiring Seasonal Workers

Posted on November 3rd, 2018

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). Read More…

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Small Employer Health Reimbursement Arrangements

Posted on September 5th, 2018

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses—including the cost of buying health insurance. Here’s what you need to know about QSEHRAs. Read More…

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Health Care Tax Credit Relief for Small Employers – Tax Tip

Posted on April 30th, 2018

Tax relief is available for certain small employers who provide health coverage to their employees and wish to claim the Small Business Health Care Tax Credit for 2017 and later years. Read More…

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Do You Qualify For a Healthcare Exemption?

Posted on March 1st, 2018

With the 2018 tax filing season in full swing, it’s not too early to think about how the health care law affects your taxes. The Affordable Care Act requires you and each member of your family to do at least one of the following:

  • Have qualifying health coverage called minimum essential coverage
  • Qualify for a health coverage exemption
  • Make a shared responsibility payment with your federal income tax return for the months that you did not have coverage or an exemption

If you meet certain criteria for the tax year, you may be exempt from the requirement to have minimum essential coverage. You will not have to make a shared responsibility payment for any month that you are exempt. Instead, you’ll file Form 8965, Health Coverage Exemptions, with your federal income tax return. For any month that you do not qualify for a coverage exemption, you will need to have minimum essential coverage or make a shared responsibility payment. You may be exempt if you meet one of the following: Read More…

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