A Health Savings Account (HSA) offers 3 tax benefits, often referred to as “triple tax benefits.” If you have a high deductible health plan and you are eligible, here is how the triple tax advantage works: 1. Pre-tax contributions. Contributions to your HSA are on a pre-tax basis, meaning all the money you contribute is […]
View Full ArticleQuestion: Every year we have an employee picnic. We also have a holiday party in December. With the new tax law changes, are these expenses still deductible? Answer: The new tax law eliminated much of the 50% deduction for meals and entertainment expenses related to customers and business prospects. There are some exceptions, though. If your company […]
View Full ArticleThe IRS recently announced a clarification in a ruling it made regarding Health Savings Accounts (or HSAs). The contribution limit will stay with the original $6,900 limit for family coverage for 2018. Previously, the IRS had announced that the limit would be reduced for this calendar year to $6,850. That may not seem like a […]
View Full Article529 plans are designed to support families saving for future education expenses. Earnings on contributions are not subject to federal taxes when they are eventually withdrawn to pay for schooling and schooling-related expenses. In our recent wave of tax changes, the definition of “qualified education expenses” has expanded, which can be great news for […]
View Full ArticleAs many of you know, Jerry Taylor is retiring. While he’s enjoyed helping private business owners with tax, accounting, and retirement planning for more than 46 years, he is looking forward to spending time with his seven grandchildren, photography, and woodworking. Jerry is also actively involved with various ministries in his church and serves as the church […]
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About 62% of Americans are anticipating a tax refund from either the IRS or their state this year. Of that group, 1 in 2 people already know how they want to spend their return. According to this recent survey , many Americans are choosing to use at least part of their money to improve their financial […]
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The IRS raised its standard mileage rate used for calculating the deductible costs of operating a vehicle for business purposes in 2018. You can deduct 54.5 cents per business mile, up a penny from last year. Click here to read more of the latest, including an update on federal tax rates, deductions and credits for […]
View Full ArticleUnlike larger corporations which will be taxed at a flat rate, small business owners have been asking, “How do the new tax rules affect pass-through entities?” Pass-through income will continue to be taxed at individual income tax rates. Part of the reason you’re hearing about a potential tax break is because many small business owners […]
View Full ArticleLast month (January 2018) we highlighted a few of the recent tax law changes. Here are two additional changes to know about: 1. Mortgage and home equity loan interest deduction. The new tax law keeps the deduction for mortgage interest, but there are modifications starting this year. For mortgages taken out after December 14, 2017, […]
View Full ArticleKeeping pace with company growth, Orcutt & Company promotes Joy Delbusso and hires Brogan Orcutt.
View Full ArticleFollowing in his grandfather’s and dad’s footsteps, Brogan Orcutt becomes the third generation in the family business.
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Congratulations to Debbie on her recent promotion! Now is a great time to get to know her and gain better insight into who she is, what she does and how she approaches work.
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