James Accounting & Tax Practice, P.A. Blog - James Accounting & Tax Practice, P.A.

The Advanced Premium Tax Credit is an estimate - Avoid surprises in your tax bill

Published: 6/19/2015 2:20:57 PM

Tuesday, June 16, 2015 No one likes unpleasant surprises on April 15th. To avoid an unexpected tax bill next April, notify the Healthcare Marketplace of any relevant change in your circumstances. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Marketplace, but this is an estimate of the actual credit to which you are entitled. Having at least some of your credit paid in advance directly to your insurance company will reduce the out-of-pocket cost of the health insurance premiums you'll pay each month. However, it is important

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HSA Accounts Can Help You Maximize Deductions for Medical Expenses

Published: 5/17/2015 2:22:38 PM

What is an HSA? An HSA is a tax-advantaged savings account to pay for qualified health care costs for you, your spouse, and your dependents. When contributions are made through an employer, they are made on a pre-tax basis. There is no tax on the withdrawn funds, the interest earned, or investment gains as long as the funds are used to pay for qualified medical, dental, and vision expenses. Unused funds may be carried over from one year to the next. To qualify for this tax-advantaged account you must be enrolled in a "high deductible" health insurance program as defined

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Play the Match Game. Or Else.....

Published: 5/5/2015 12:46:55 PM

A Great tip to stay out of the audit spotlight. One of the best audit tips available can be summed up in one simple word. Match. Spend a minute or two pretending you work for the IRS. What would you do to identify tax returns worth auditing? If you suggest matching filed tax returns with the information provided to you about that taxpayer from other sources you would be right on the mark. The IRS runs an automated matching program that kicks out mismatches and helps identify audit targets without much effort on their part. Knowing this: Double check name

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You May Qualify for a Moving Expense

Published: 5/1/2015 12:10:02 PM

This overlooked tax deduction can be money in your pocket Summertime is often a time for moving. The kids are out of school and new opportunities await. Don't forget that your move might be tax deductible. Here are some hints to ensure you do not forget this valuable tax deduction. Job related… 50 miles or more… 39 weeks To have moving expenses qualify as a tax deduction your move must be closely related to your new job. Think at least 50 miles. To qualify to deduct your moving expenses, your new workplace must be at least 50 miles further than

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Does Foreign Bank and Financial Reporting (FBAR) relate to you?

Published: 4/29/2015 4:30:48 PM

A detail that can cause lots of IRS problems The Foreign Bank and Financial Report (FBAR) is a reporting requirement that is getting lots of attention from the IRS. Here is what you need to know. Do you have any foreign bank accounts or assets held outside the United States? Are you a beneficiary of, or a responsible party for someone else who has assets held in non-United States based accounts? If you answered yes to either of these questions you may be impacted by FBAR disclosure requirements. The requirements come in two forms; Information reporting. If you hold $10,000

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