Tax Guide for Physicians Working as Independent Contractors

Our friends at?Barton Associates, the Locum Tenens Experts, wanted to compile a tax guide to provide their contractors with a summary of the basic tax rules affecting them. Founded in 2001, Barton Associates is a leading locum tenens staffing company serving...

Can I pay for my child?s private school tuition using his 529 plan?

Recently, a client sent us the question “Can I pay for my child?s private school tuition using his 529 plan?”. Unfortunately, the answer is no. Tax free distributions from a 529 plan can only be used for post-secondary education expenses. However, there is...

Making Sense of the Tax Reform Proposals

With the year-end quickly approaching and time running out on whether or not a major tax overhaul will be enacted before December 31, year-end tax planning has become a big question mark in recent weeks.? However, with the Senate passing the ?Tax Cuts and Job Act? by...

IRS Announces Higher Retirement Plan Limits for 2018

Contributing to a retirement plan is one of the best tax shelters available to you during your working years.? Recently, the IRS announced that some of the retirement savings limits will increase for 2018. Employer Sponsored Plans Most working professionals have...

Social Security Max Increase to $128,700 for 2018

Most years, the government bumps up the maximum Social Security taxes that you can pay. ?For 2018, the maximum wage base jumps to $128,700, an increase of $1,500, or 1.2%, over the max of $127,200 that was in place for 2017. The Social Security Administration predicts...

Tax & Financial Planning Calendar for Nov. 2017

Month Income Taxes Saving and Investing November Need to make applicable elections in connection with employer’s flexible spending account Good time to make semi-annual donation of clothing and household items to charitable organizations.? Don’t forget to...