Category: Personal Finance
Explaining the taxability of professional athletes
Nonresident professional athletes must use the "duty days" method to determine the amount of income tax due to Michigan. Personal Service Income The formula for calculating the income tax due, is the player's personal service income multiplied by a fraction,...
Are concierge medicine expenses FSA-eligible?
According to a recent article from FSA Store, concierge medicine -- which is a "highly attentive" way to get healthcare -- is becoming increasingly popular. Essentially, patients pay extra fees in exchange for more personalized care and better access to...
IRS proposes higher estate and gift tax exemption
According to a recent article from Bloomberg, the IRS has proposed a potential benefit for wealthy taxpayers, saying that individuals who give lots of gifts to their heirs under a generous but temporary provision of the 2017 Republican tax overhaul...
2019 Social Security benefits increase; 2.8% COLA increase
Each year, the Social Security Administration announce the annual cost-of-living adjustment (COLA). Usually, there is an increase in the Social Security and Supplemental Security Income (SSI) benefit amount people receive each month, starting the following January. Law requires that federal...
Sale of improved land: Capital or ordinary gain?
When real property is subdivided into lots and actively sold, the common result is that the gain on sale of the property is subject to ordinary income tax treatment. However, this may not always be the case under Sec. 1237....
Three Small Business Accounting Resolutions for 2019
Every small business owner should start the year off right, with strategic planning and "resolutions" aimed at solving some of the more vexing management problems facing his or her business. To begin, set aside one 8- hour day with NO...
How small business owners can save on college
Small business owners with college-bound children can save thousands of dollars a year if they plan ahead and adopt a few simple strategies. While it's best to plan when children are young, even some last-minute tips can cut parents' costs....
New limitations for retirement plan funding
The IRS recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of changes for 2019 The contribution...
Why you should think twice before relying on public service loan forgiveness
ShindelRock has recently had several clients in their residencies contemplate working for a certain hospital because of the possibility of student debt cancellation under the public service loan forgiveness program. As a word of caution, a recent CNBC article highlighted...
Take advantage of the federal paid-leave tax credit
A new general business tax credit is allowed for wages paid under a Family and Medical Leave Act (FMLA) policy for tax years 2018 – 2019. The credit is based on the amount of wages paid to the qualifying employee while...