Author: Stephen Eldridge

10

December

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Putting the finishing touches on next year’s budget

By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points of the process. This means not just creating a budget for the sake of doing … Continued

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07

December

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Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs  A pre-tax contribution of $2,750 to a health FSA is permitted in both … Continued

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03

December

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Retirement Plan Updates for 2020

Video Overview CPA, Elizabeth Owen, gives an update on the SECURE Act and CARES Act related to retirement plans. Watch the video here.   The SECURE Act The SECURE Act makes a variety of tax law changes related to retirement plans. Notably, it repeals the maximum age of 70 ½ for making traditional IRA contributions, … Continued

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03

December

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What’s happening with Health Savings and Flexible Spending accounts in 2020?

Video Overview Tax expert, Charles Peery, CPA, gives a timely overview on health savings and flexible spending accounts.  Watch the video to learn more key information for these accounts. Important Figures: Health Savings Accounts HSAs can bear interest or be invested, growing tax-deferred similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over … Continued

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30

November

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2020 Business Tax Planning

ATA Partner, David Hart, CPA, CGMA, CVA, CFF  gives a timely overview for business owners on 2020 tax planning.  Watch the video to learn more key information on business depreciation and for an update on Section 199A Deductions. Depreciation For business owners who own equipment and heavy-duty vehicles, please keep in mind that up to $1,040,000 of qualified fixed … Continued

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