Dear Valued Client,
This edition of our client newsletter includes coverage of the health insurance premium assistance credit, proposed gift limits, IRA rollover limitations and much more.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Briggs Kim & Martinez LLP
This edition of our client newsletter includes coverage of the health insurance premium assistance credit, proposed gift limits, IRA rollover limitations and much more.
Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!
Briggs Kim & Martinez LLP
Changes in Circumstances Can Affect Your Premium Assistance Credit
If you are signed up for health insurance through a health insurance marketplace, you may have qualified for the premium assistance tax credit. This credit provides financial assistance to help you pay for your health insurance premiums. Individuals and families that qualify for the credit are given the choice to receive the credit in advance to reduce the insurance premiums during the year, or they can pay the full insurance premiums and get the credit when they file their tax return next year.
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President Proposes Reinstating Gift Limits
If you are fortunate enough financially to be able to make significant gifts to family members and others, you may want to pay attention to the changes in gift tax law being proposed by the President.
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IRS Reinterprets the Once-Per-Year IRA Rollover Limitation
There is a tax rule that allows taxpayers to take money out of their IRA and avoid paying income tax and the 10% early distribution penalty so long as they return that money to their IRA account within 60 days.
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Receiving Tips Can Be Taxing
If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes:
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Bartering Is Taxable Income
Bartering is the trading of one product or service for another. Often there is no exchange of cash. In addition to individuals, small businesses sometimes barter to get the products or services they need. For example, a plumber might trade plumbing work with a dentist for dental services. Bartering may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third-party basis through a modern barter exchange company.
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Do You Need to Use QuickBooks' Fixed Asset Tools? The Basics
Managing your company's fixed assets is a complicated process, one that will require some extra assistance.
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The Briggs Kim & Martinez LLP newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Briggs Kim & Martinez LLP, go to http://www.bkmcpas.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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