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How does the Kansas Law change ...

Blog, Tax Preparation Posted on: Aug 24, 2017 By: admin
Excerpt taken from the Wichita Eagle Publication and reposted here BY JONATHAN SHORMAN jshorman@wichitaeagle.com A new law raising income tax rates officially goes into effect on Saturday, but the impact on taxpayers will stretch back to January. Lawmakers passed Senate Bill 30 over Gov. Sam Brownback’s veto to raise about $1.2 billion over two years to help balance the budget. The action to roll back much of Brownback’s 2012 tax cuts came after weeks of gridlock over taxes. Brownback contends the tax increases represent a step ... Read More

S-Corporation Compensation and ...

Blog, Tax Preparation Posted on: Dec 08, 2016 By: admin
Do you have an Corporation or an LLC taxed as an S-Corporation?  There are many benefits to this tax structure, and many pitfalls – see the page below published by IRS.gov for some guidance on the issue of officer compensation and medical insurance which are often areas of concern on the tax return and may cause IRS Notices to be issued if handled incorrectly… S Corporation Compensation and Medical Insurance Issues When computing compensation for employees and shareholders, S corporations may run into a variety of issues. The ... Read More

How Your Income Affects Your P ...

Blog, Tax Preparation Posted on: Sep 29, 2015 By: admin
IRS Tax Tip Issue Number: HCTT-2015-60 You are allowed a premium tax credit only for health insurance coverage you purchase through the Marketplace for yourself or other members of your tax family. However, to be eligible for the premium tax credit, your household income must be at least 100, but no more than 400 percent of the federal poverty line for your family size. An individual who meets these income requirements must also meet other eligibility criteria. The amount of the premium tax credit is based on a sliding scale, with greater ... Read More

Job Search Expenses May be Ded ...

Blog, Tax Preparation Posted on: Aug 27, 2015 By: admin
via IRS.gov – IRS Summertime Tax Tip 2015-24 People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search costs. Here are some key tax facts you should know about if you search for a new job: Same Occupation.  Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation. Résumé Costs.  You can deduct the cost of preparing and mailing your résumé. Travel Expenses.  If you ... Read More

File As Soon As Possible to Ma ...

Blog, Tax Preparation Posted on: Aug 25, 2015 By: admin
via IRS Tax Tips – Issue HCTT-2015-52 Aug. 25, 2015   File As Soon As Possible to Maintain Eligibility for Advance Payments of the Premium Tax Credit The IRS is sending letters to taxpayers who received advance payments of the premium tax credit in 2014, but who have not yet filed their tax return. You must file a tax return to reconcile any advance credit payments you received in 2014 and to maintain your eligibility for future premium assistance. If you do not file, you will not be eligible for advance payments of the premium tax ... Read More