Harless Tax Blog
posted by Caroline Harless
The New Year will bring with it both new taxes and expiring tax breaks that could affect anyone from a small business owner to a wealthy individual or teachers and retirees. Before the end of the year, it is vital that you find out what tax changes will be made in 2014 and plan accordingly. This could mean that now is the time to make some large business purchases, donate to charity or sock it away into your IRA … before it’s too late. Check in with your tax accountant this month about what expiring tax breaks will mean to you. See More
Seniors and the Changing Health Care Climate
By Donna Holm, CPA, MST
Since 2010, there has been plenty of, sometimes confusing, news about the Affordable Care Act (“Obamacare”), a complex piece of legislation to say the least. However, few seniors know how they will be affected. In the last election, 73 percent of seniors considered this to be a major issue. This is the largest piece of legislation to affect the Medicare structure since the enactment in 1965, which also had a significant impact and its share of controversy at the time. See More
By Steve Harless, CPA and Donna Holm, CPA, MST
You might have a home office, but do you really want to spend your time pouring over household spreadsheets, paying bills and overseeing home maintenance when the blue skies, waterways and beaches are calling? Although a significant household has become increasingly complex, it does not have to become your full-time job. Working with trusted, bonded, professionals who can act as your Family CFO and become a literal extension of your Family Office will take the onus off you and provide you with more time to follow the pursuits you enjoy.
The idea of creating a Family Office developed at full-service accounting firm Harless & Associates due to a growing demand by dozens of the company’s accounting and tax clients for a trusted family partner to assist in the management of their households and family financial responsibilities. Most of the requests were for administrative and accounting services. Clients with a second home, rental property, a boat and maybe even a private aircraft needed a solution that would assist them in running their multifaceted households. See More
By Caroline Harless and Wes Littlejohn, CPA
The deadline to set up a Safe Harbor 401(k) is approaching – for this year it is October 1. If you are a business owner with highly compensated employees that would like to maximize their 401(k) contributions, you may want to consider a Safe Harbor 401(k) Plan.
In many companies, Highly Compensated Employees (HCEs) might desire participating in a retirement plan to which they contribute the maximum annual deferral amount – this is $17,500 or $23,000 for those aged 50 and older. At the same time, Non-Highly Compensated Employees (NHCEs) might prefer to contribute at a lower rate. This can be a problem because the plan must pass discrimination testing that helps NHCEs benefit as much as HCEs. See More