Friday, June 24th, 2016
The top alternative minimum tax (AMT) rate is 28%, compared to the top regular ordinary-income tax rate of 39.6%. But the AMT rate typically applies to a higher taxable income base and will result in a larger tax bill if you’re subject to it.
Midyear is a good time to check on whether any events in your financial life during the first six months of the year make it likely you’ll owe the AMT when you file your 2016 return.
Friday, June 17th, 2016
With health care costs continuing to climb, tax-friendly ways to pay for these expenses are more attractive than ever. Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Accounts (HRAs) all provide opportunities for tax-advantaged funding of health care expenses. But what’s the difference between these three accounts? Here’s an overview:
HSA. If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored HSA — or make deductible contributions to an HSA you set up yourself — up to $3,350 for self-only coverage and $6,750 for family coverage for 2016. Plus, if you’re age 55 or older, you may contribute an additional $1,000.
Friday, June 17th, 2016
Thursday, June 16th, 2016
M&J Atlanta staff enjoyed a night of baseball, brews and H&F burgers while witnessing Braves’ first base player, Freddie Freeman, hit for the cycle and defeat the Cincinnati Reds! Freeman doubled in the third inning, tripled in the fourth, hit a solo homer in the sixth, and completed the cycle with a single to lead off the 11th. He is the first player in the majors to hit for the cycle this season!
Monday, June 13th, 2016
Tennessee Banker’s Association held their annual meeting in Charleston, SC on June 5-7. The annual event is celebrated its 126th anniversary. Banks from across the state of Tennessee were represented at the event. Mauldin & Jenkins is a proud sponsor and exhibitor of the annual meeting. We appreciate all the attendees that stopped by our booth. We would like to congratulate Roy Harmon, CEO Bank of Tennessee, who is the winner of the Fitbit Charge door prize.
Thursday, June 9th, 2016
Have you checked out the latest issue of our Client Update Tax Newsletter? You can find every issue on the Individual and Estate Tax Services page. Grab a cup of coffee and browse some helpful tax related articles. Enjoy!
Tuesday, June 7th, 2016
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel.
Reasonable and necessary
Generally, if the primary purpose of your trip is business, expenses directly attributable to business will be deductible (or excludable from your taxable income if your employer is paying the expenses or reimbursing you through an accountable plan). Reasonable and necessary travel expenses generally include:
- Air, taxi and rail fares,
- Baggage handling,
- Car use or rental,
- Meals, and
Expenses associated with taking extra days for sightseeing, relaxation or other personal activities generally aren’t deductible. Nor is the cost of your spouse or children traveling with you.
Business vs. pleasure
How do you determine if your trip is “primarily” for business? One factor is the number of days spent on business vs. pleasure. But some days that you might think are “pleasure” days might actually be “business” days for tax purposes. “Standby days,” for example, may be considered business days, even if you’re not engaged in business-related activities. You also may be able to deduct certain expenses on personal days if tacking the days onto your trip reduces the overall cost.
During your trip it’s critical to carefully document your business vs. personal expenses. Also keep in mind that special limitations apply to foreign travel, luxury water travel and certain convention expenses.
Maximize your tax savings
For more information on how to maximize your tax savings when combining business travel with a vacation, please contact us. In some cases you may be able to deduct expenses that you might not think would be deductible.
Monday, June 6th, 2016
A group of mentors/mentees in the Chattanooga office worked together to escape at Breakout Chattanooga last week. With only seconds to spare, the group managed to solve all the clues and puzzles and breakout of their Island Escape!
Wednesday, June 1st, 2016
Way to go Amberly! All your hard work and studying has paid off!
Tuesday, May 31st, 2016
Today Terry Henderson, Casey Stuart, David Holt, and Larry Eddlemon will retire from Mauldin & Jenkins, LLC. After more than a collective 140 years of service to customers through the accounting profession, these guys are moving on to the next stage in their lives and their careers and we wish them well. Each of their contributions have been significant to the long term success of our Firm and to the individuals who have worked with them and learned from them during their careers. There have been only 92 equity owners of M&J since 1918 and the 98 years of success would not have been possible except for the contributions of these individuals and many others like them.