health savings account Archives - Blau Company Accounting & Tax Preparation

Time to Start Organizing Your Deductions

A deduction is an expenditure that will reduce your taxable income. There are two kinds of deductions: adjustments to income and itemized deductions. The adjustments to income are the better of the two, as they reduce adjusted gross income, or “AGI.” Itemized deductions reduce your taxable income. First, we will look at some adjustments to income. Educator expenses apply to K – 12th grade educators, and are limited to $250 of documented supplies per qualified taxpayer. Expenses exceeding $250 can be taken as a miscellaneous itemized deduction. A health savings account is an account set up exclusively for paying the [...]

August 22nd, 2014|Business Tax, Personal Tax|Comments Off

2nd Quarter 2013 Updates – Inflation & Taxes

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable. Impact of Inflation on Taxes Official explains impact of chained CPI on social security and taxes. A government official explained how using chained consumer price index (CPI) for benefit programs and the tax Code would affect taxpayers, [...]