Tax increases one solution for states facing revenue shortfalls

Tax increases one solution for states facing revenue shortfalls

Many states are running out of money, plain and simple. Although it’s not always easy to determine the best solution to help the government fund essential programs and services and keep residents happy, the bottom line often comes down to one grim answer: Raise taxes....
Amid uncertainty and debate, ACA uninsured penalties spike

Amid uncertainty and debate, ACA uninsured penalties spike

The future of the Affordable Care Act, former President Barack Obama’s signature healthcare law, is uncertain. But, despite the debate and controversy surrounding this issue, as taxpayers begin to prepare their federal returns for the 2016 tax year, they must keep in...
ABLE Accounts

ABLE Accounts

ABLE accounts aim to help disabled individuals fund expenses The federal government has given states the authority to offer specially designed tax-favored Achieving a Better Life Experience (ABLE) accounts to people with disabilities. “Recognizing the special...
Tax Returns May Be Delayed This Year

Tax Returns May Be Delayed This Year

The Internal Revenue Service is utilizing the provisions of the Protecting Americans from Tax Hikes Act of 2015, or the PATH Act, as part of its never-ending effort to cut down on incidents of tax fraud. However, one of the consequences of this law designed to protect...
Tax Deduction Changes to be Aware of Before Preparing Taxes

Tax Deduction Changes to be Aware of Before Preparing Taxes

Although changes for the 2016 tax year were mostly minor, there are a few deduction adjustments and other tweaks that will likely interest taxpayers as they prepare to file their yearly returns. Taxpayers who can claim a head-of-household deduction will see a slight...