Tax-Deductible Contributions – DougFreemanCPA.com

Retirement saving options for your small business: Keep it simple

Employee Benefits, Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Tax Tips / Douglas Freeman

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended […]

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Can you deduct charitable gifts on your tax return?

Charitable, Deductable Expenses, Deductions, Gifts, Individual Income Tax, Internal Revenue Service (IRS), Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple of years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity.

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Is an HSA right for you?

Deductions, Flexable Spending Accounts, High Deductable Health Plan, HSA / Douglas Freeman

To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax-advantaged basis. The basics With HSAs, you take more responsibility for your health care costs. If you’re covered by a qualified high-deductible

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Individual tax calendar: Important deadlines for the remainder of 2018

Federal Income Tax, Income Tax, Individual Income Tax, Tax Calendar 2018, Tax Cuts and Job Acts (TCJA), Tax Savings / Douglas Freeman

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms,

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Size of charitable deductions depends on many factors

Charitable, Donations, Federal Income Tax, Income Tax, Individual Income Tax, Small Business / Douglas Freeman

Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift. One of the biggest factors affecting your deduction is what you give: Cash. You may

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