Tax benefits from medical expenses are available by taking an itemized deduction for medical expenses, using a Flexible Spending Account (FSA) through an employer, or using a Health Savings Account (HSA) for those who have qualified high deductible health insurance. For the 2018 itemized deduction, only medical expenses more than 7.5% of your adjusted gross [...]
Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section article titled “Dealing With the Changes in the Tax Code” by Jan M. Rosen. The article discusses the new tax law and its impact on taxpayers. It also maps out tips from tax professionals on things to [...]
KC Harvey Relief Effort Dear Friends: Our prayers go out to those affected by Hurricane Harvey and its catastrophic flooding along the Gulf coast. Amid that terrible devastation, we should all pause and be grateful for our own good fortune. But as we do so, the sheer magnitude of this disaster and the suffering it [...]
Details of two House bills to repeal and replace the Affordable Care Act are emerging. The committees began markup of the bills on Wednesday. If the bills are passed by the committees, they are expected to be combined into one bill by the House Budget Committee. Then they would go to the House Rules Committee [...]
Today, one day after the Kansas House passed HB 2178, the Kansas Senate has also passed the bill, which would eliminate the Kansas tax exemption for “flow-through” business income and increase the Kansas tax rates on individuals. The bill now heads to the Governor. Currently, the top individual Kansas tax rate is 4.6%. Under the [...]
If you’re one of the many people expecting the new administration to enact tax cuts next year, you still have time to maximize tax benefits before the end of the year. Julie Welch, shareholder and director of taxation at Meara Welch Browne PC in Leawood, shared several tips: • Speed up the purchase of equipment [...]
The standard mileage rates for 2017 used to calculate the deductible costs of operating an automobile have been announced. Business – 53.5¢ per mile (down from 54¢ per mile for 2016) Medical and Moving - 17¢ per mile (down from 19¢ per mile for 2016) Charitable - 14¢ per mile
The July 2016 issue of Journal of Financial Planning includes “Planning for the Net Investment Income Tax for Non-Grantor Trusts” by Julie Welch and Cara Smith. The article describes the net investment income tax and provides strategies for a non-grantor trust to minimize the tax. https://www.onefpa.org/journal/Pages/JUL16-Planning-for-the-Net-Investment-Income-Tax-for-Non-Grantor-Trusts.aspx
Microsoft’s free Windows 10 upgrade offer ends July 29, 2016. However, it seems there may be a way to receive your free upgrade but not have to commit to Windows 10 just yet. The article linked below is from How-To Geek and explains the process. We have not tried the process but in reading it [...]
The April 2016 issue of Journal of Financial Planning includes “New Law Brings Permanent Tax Changes for Individuals and Businesses” by Julie Welch and Cara Smith. The article goes through the key provisions of the “Protecting Americans From Tax Hikes of 2015” legislation that was enacted December 18, 2015. https://www.onefpa.org/journal/Pages/APR16-New-Law-Brings-Permanent-Tax-Changes-for-Individuals-and-Businesses.aspx?utm_source=Informz&utm_medium=Email&utm_campaign=JFP+Digital+Edition+4%2E1%2E16