December 17, 2015
Your Tax Return and the Health Care Law
What will the Affordable Care Act mean to you at tax time? Individual taxpayers will notice they’re asked for some additional information on their tax returns this year because the law requires you to confirm that you have health insurance. You may also receive a new kind of tax document—Form 1095-A—if anyone in your family signed up for coverage through a Health Insurance Marketplace. Another development to keep in mind: You may be able to claim a premium tax credit, depending on your income as well as a few other factors, which will either reduce the cost of your premiums or provide a reduction in tax. On the downside, you could owe a penalty if you don’t have qualified health insurance, although some penalty relief may be available.
If you’re not certain how the law’s tax opportunities and consequences apply to you, be sure to contact us. We can help you determine whether you’re in compliance and offer advice on your taxes, health insurance coverage or any other financial concern.
December 11, 2015
Should You Report Changes to the Health Insurance Marketplace?
Do you receive your health insurance coverage through the government’s Health Insurance Marketplace? Many who do also qualify for a premium tax credit, which those with moderate incomes can use to help pay for coverage. You can choose to get the credit immediately or to receive it as a refund later when you file your tax return.
Taking the credit up front can help you defray the costs of coverage, but remember that the amount you’re eligible for may be affected by changes in your circumstances during the year. You may end up qualifying for a higher or lower credit depending on changes in your income or the size of your family, so it’s important to report those changes to the Marketplace when they occur. If you have questions about the tax consequences of your health insurance plan or any other tax-related issues, please contact our office today.
December 8, 2015
Beware of Tax Scams!
Did you know that con artists posing as Internal Revenue Service representatives frequently try to scam people out of their money? While this is a long-standing problem, the IRS has issued a new warning against thieves who may contact people on the phone or via email or a letter and try to trick them into divulging personal financial information, such as their Social Security or bank account numbers, or even turning over some of their hard-earned cash. And the scams can be tough to spot. Potential victims may see a fake caller ID that identifies the call as coming from the IRS or receive mail or email that appears to have the IRS letterhead. The scammers typically try to intimidate victims into acting quickly—by, say, sending a payment to what they claim is an IRS address—by threatening arrest or some other consequence.
If you receive an IRS communication that seems suspicious or doesn’t make sense, please call our office. Whether you are facing a legitimate tax issue or a scam, we can help you sort through the details and determine how to respond. You can report incidents to the Treasury Inspector General for Tax Administration at 800-366-4484. Remember, too, that the IRS website is www.irs.gov, so be on alert if you’re directed to another similar site that ends in .com or .net instead of .gov.
February 27, 2015
It’s Tax Time
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December 16, 2014
The IRS has announced the optional 2015 standard mileage rates for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes.
Effective January 1, 2015, the standard mileage rates are as follows:
• Business use of auto: 57.5 cents per mile may be deducted if an auto is used for business purposes.
• Charitable use of auto: 14 cents per mile may be deducted if an auto is used to provide services to a charitable organization
• Medical use of auto: 23 cents per mile may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons)
• Moving expense deduction: 23 cents per mile may be deducted if an auto is used to effect a work-related move to a new home.
You can read IRS Notice 2014-79 for more information.
December 10, 2014 Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax form—and possibly an appraisal—may be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules. We can offer advice that will make it possible for you to fund the causes you believe in and qualify for the deductions you deserve. We can also help you incorporate charitable giving into your long-term tax and estate planning. Be sure to contact us with all of your questions on charitable giving or any other financial concern.
May 20, 2014
Jim Bonvissuto, President of Business Improvement Group, Inc., discusses joining with COSE (http://www.cose.org/), or the Council of Smaller Enterprises, to mentor entrepreneurs interested in purchasing, starting, or operating a business.
May 13, 2014
Credit to Brian Archer with newsnet5 Cleveland
CLEVELAND - Janice Buildt is busy working on her plan for Bricks 4 Kidz, a Lego based business that offers Lego-themed school programs and parties for children. It's something Buildt always wanted to do.
"I knew I had the tenacity and the energy and enthusiasm for the business," said Buildt.
But what this mother of two, with career in social work, didn't have was any business experience.
That's where Jim Bonvissuto (http://www.bizimprove.com/) comes in. A seasoned business owner for more than 20 years who's helping Buildt get off to a successful start.
"It's a very fulfilling feeling," said Bonvissuto, "when you're able to help and mentor people through business ownership."
COSE (http://www.cose.org/), or the Council of Smaller Enterprises, has been helping to connect startups with established business owners for years. They've recently created a formal structure for the process called Incfuse. (https://incfuse.com/)
"We saw a need for the because while there's more than a hundred resources in Northeast Ohio for small businesses, they're not all well connected together," explained COSE president and Executive Director Steve Millard. "So incfuse kind of stitches them together so somebody wants to start a business can get all the help they need."
Buildt is happy to get some help navigating through the facts and figured necessary to become a successful business owner.
"I don't know where I would have gone if it wasn't for this interaction of having Incfuse provide me with a mentor."
COSE is marking National Small Business Week (http://www.sba.gov/nsbw/nsbw) which runs from May12-16 2014.
For more information about how to start a business or how to mentor those that are through the infuse program click here. (https://incfuse.com/)