The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate.
Here are some ways to make payments using IRS electronic payment options:
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What is Interest Only Financing?
Interest Only Financing is a finance option where the borrower only pays the interest on the mortgage through their monthly payments for a specified period of time.
Advantages of Interest Only Financing:
The 2018 inflation adjusted amounts for Health Savings Accounts (HSAs), are as follows:
The limitation on deductions for an individual with self-only coverage under a high deductible health plan (HDHP) has increased by $50 from 2017 to $3,450; and by $250 to $6,900 for family coverage.
To be considered an HDHP for 2018, the annual deductible needs to be $1,350 ( an increase of $50 from 2017) or more for self-only coverage or $2,700. ( a $100 increase from 2017 rates) or more for family coverage.
The annual out-of-pocket expenses (deductibles, co-payments and other amounts, but not premiums) cannot exceed $6,650 ( decease by $100 from 2017 rates) for self-only coverage or $13,300 ( a decrease by $300 from 2017 rates) for family coverage.
If you are seeking a new job you may incur a variety of expenses, including costs directly associated with moving to a new job location or those specifically related to the job search. Many of these expenses are deductible, but the rules are strict, and expenses must be carefully documented and substantiated. You may be able to take
advantage of these deductions, if you plan carefully.
Any moving expenses you may incur, including expenses of traveling to the new location and transporting household goods and personal effects, are deductible so long as you meet certain requirements relating to when you begin work at the new position and how far the new job is from the old job and your old residence. These expenses are deductible even if you are seeking employment for the first time or in a completely new field. Also, qualified moving expenses reimbursed or paid by your employer are considered nontaxable fringe benefits.
Another Healthcare Bill has been rushed to the floor. Once again Congress is putting their efforts towards repealing the Affordable Healthcare Act. I believe this is their 3rd revision. The one played out inf ront of the American people and 2 additional amendments thereafter. Will this bill pass? Who benefits the most? What are these amendments?
Let's Examine this!
Pre-Existing Conditions - We are heading back to the Pre Affordable Healthcare Act era. Insurers will go bac to going over individual's prior medical conditions with a fine tooth comb and deem them uninsurable if they foresee that individual will have high claims at any point. In the past this was at the insurer's discretion and I am sure they have silly discretionary rules banning common conditions like acne.
Rich Tax-Cut -The Real Reason for the persistent and urgency for the Repeal of Affordable Healthcare Act. If you make at least $200k - $250k married- single respectively, then these cuts are for you, and will happen immediately! An estimated of over $300billion over the next 10 years.
Medicare- The GOP appears to be comfortable with cutting Medicare by $800 million dollars. This will reduced the current expansion Coverage from the 10 million low income American to zero in the ne t 3 years. The solution they have proposed has a trickled down effect. They will change Medicare into a grant program that reduces funding to State Governments forcing States to reduce their budgets and de-enroll individuals.
Defunding Planned Parenthood- Well this is tricky as the they have a rewable yearly provision. They will take away funding for one year starting off, then vote on renewing that provision yearly. With the current control of congress we can almost guarantee that this will continue to be renewed. Another reminder that voting for ALL elections is valuable!
Based on the above it is clear who benefits here, the protected class. The Rich and Well off. How do we make our Government accountable for our Country's low-income communities? The Affordable Healthcare Act, at least guaranteed that ALL Americans receive Healthcare and if they couldn't afford then help is here from your Government.
Here is one thing is for certain that the Affordable Healthcare Act is the current Law and althougth there were and Executive Order signed by Trump that the IRS doesn't have to presue those who don't have coverage, doesn't mean they can't and that they won't. An Executive order does not supersede the law. There has to be an Act of Congress to overturn the law, which is why this is so Important to them now. If the IRS does come after you for noncompliance you can not use the defense of the Executive order. Remain in compliance until the bill passes into law and is funded, Right now it is just sitting on Captial Hill.
Information returns for tax-exempt organization whom tax year close at the end of the calendar year has a May 15th deadline date. Tax-exempt organizations return are due on the 15th day of the fifth month after the close of the tax year. This means if you don't have a calendar year tax year, or your Fiscal year is not a Calendar year then your return is not necessarily due on May 15th its due 5 months after the close of your Fiscal Year. However, if you need more time to file you may qualify to file an extension.
The IRS does impose penalties on some tax-exempt organization whom doesn't not file their return by the due date and those that do not file a valid extension. Remember an extension filed after the due are not allowed.
The filing requirements are as follows:
Failure to file any of the form 990 series for three consecutive years will result in losing your tax-exempt status, automatically. If this happens none of the contributions you receive will be tax- deductible and you may lose donors. All is not lost. You can get your tax-exempt status back and we can help. Contact our office if you find yourself in this situation.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.