Great Information about the 2019 IRA contributions from the Motley Fool

If you check out our Facebook page Facebook.com/cgjohnsonaccounting/ we just posted an article that is a great wealth of information from the Motley Fool. This article discusses the 2019 contribution limits as well as the phase-out limits for contributions. It’s written so that is understandable for everyone. It further discusses how contributions to an IRA,…

2019 Tax year starts in February.

So many changes in tax code have created a huge discussion as far as how do I know what I don’t know. How does me not knowing, affect me and my taxes for the 2019 tax year and forward? The tax laws are becoming more demanding of our money. So many of the tax changes…

Section 105 Medical Expenses

December 2019 Section 105 Medical Expense Deduction Plan for Statutory Employee Questions and answers. This may sound a bit daunting, but the information here is very important so you don’t leave money on the table for the IRS to tax. Questions from a statutory employee: One thing I’m not sure about is Section 105 medical…

W2 and Independent Contractor issues starting in 2020

December 2019 Dynamex Causing Incorrect W-2 Classifications for Independent Contractors Questions I have a client who works as a traveling salesman for a well-known manufacturer of athletic shoes and apparel. He was paid as an independent contractor through 2017. Beginning in 2018, he was paid through the company’s payroll and issued a W-2 form. My…

Divorce and Taxes

Dear Client: As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA). General Rule The general tax rule in a divorce is that you can divide up most assets, including cash, between you and your…

Avoid This S Corporation Health Insurance Deduction Mistake

If you have family members working for you in your S corporation, stop and read this article now. Think of this: You own 100 percent of your S corporation. Your 30-year-old daughter works for your S corporation. She owns no stock. Your S corporation covers her with a group health policy. Did your S corporation…