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TAX & ACCOUNTING TALK FROM MPS

The MPS|CPA accounting blog is your home for thoughts on industry trends and issues, news from around the financial world, and much more.

Deduction for State and Local Sales Tax Benefits Some, But Not All, Taxpayers

If you live in a locale with no or low income taxes or you purchased a major item (such as a car or boat) in 2016, you might save more tax by deducting state and local sales taxes in lieu of state and local income taxes. Learn more about how this tax break works and whether it can benefit you in this blog post.

By |January 17th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

File Early to Help Prevent Tax Identity Theft

Do you start thinking about filing your tax return when it gets close to the April deadline? You might even want to file for an extension so you don’t have to send your return in until October. But filing early can help protect you from tax identity theft, a growing scam in which thieves file bogus returns using victims’ Social Security numbers. Learn more in this blog post.

By |January 10th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Key 2017 Tax Deadlines for Businesses and Other Employers

Stay on top of your taxes in 2017. This blog post details a few key tax-related deadlines for businesses and other employers during the first quarter of 2017.

By |January 4th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Few Changes to Retirement Plan Contribution Limits for 2017

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. If you aren't maxing out your contributions already, though, you still have the opportunity to save more in 2017. Learn more in this blog post.

By |January 3rd, 2017|Categories: Blog, Retirement|0 Comments

21st Century Cures Act Clears the Way for Small Businesses to Offer Standalone HRAs

The 21st Century Cures Act, signed into law on December 13, 2016, includes good news for small businesses that have been prohibited in recent years from providing their employees with HRAs. Specifically, beginning January 1, 2017, qualified small employers can use HRAs to reimburse employees who purchase individual insurance coverage, rather than providing employees with costly group health plans. This article explains why small employers were unable to offer “standalone” HRAs to employees and details the new QSEHRAs.

By |December 21st, 2016|Categories: ACA/Healthcare, Blog|0 Comments

Want to Save for Education? Make 2016 ESA Contributions by December 31

If you don’t make a 2016 Coverdell Education Savings Account (ESA) contribution by December 31, the opportunity will be lost forever. Contributions aren’t deductible, but ESAs can grow tax-deferred and withdrawals used for qualified education expenses (not just for college, but also for elementary and secondary school) are tax-free. Learn more about the rules surrounding ESA contributions and how they can help you save for education in our latest blog post.

By |December 20th, 2016|Categories: Blog, College Planning|0 Comments