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Tax Considerations Relating to Personal-Injury Settlements

From time to time, we are asked to advise clients on the tax impacts of personal-injury settlement income.  Although every situation is different - and thus, each individual case requires special attention - there are some generalities which can be helpful to keep in mind.  Internal Revenue Code (IRC) Section 104(a)(2) stipulates that "the amount [...]

By |2017-02-23T13:26:08-05:00June 15th, 2015|Uncategorized|0 Comments

Summer Reading for Business Owners

Aaaah – Memorial Day is behind us and the kiddos are out of school, so it is time to welcome the start of summer*!  For many people, the season means camping, lazy days out on the lake, or planning that long-awaited getaway to the mountains or the beach.  But for many small-business owners, summer can be [...]

By |2017-02-23T13:26:08-05:00June 4th, 2015|Uncategorized|0 Comments

Affordable Care Act – Premium Tax Credit Calculator

We recently came across a handy calculator from The Henry J. Kaiser Family Foundation which estimates a taxpayer's premium tax credit and health-insurance premium cost through the Affordable Care Act's Health Insurance Marketplace, and wanted to share it with everyone.  As you populate the required fields, please reference the "Frequently Asked Questions" section of the [...]

By |2017-02-23T13:26:08-05:00January 22nd, 2015|Uncategorized|0 Comments

QuickBooks Internet Connection Setup Guide

How to configure your Internet Connection Setup settings for QuickBooks Completion of this process is required before you can utilize QuickBook’s secure transfer method for providing your accountant with an Accountant’s Copy file (see separate post for more information regarding creation of Accountant's Copy files).  Once you have completed this process once, you should not [...]

By |2017-02-23T13:26:09-05:00January 17th, 2015|Uncategorized|0 Comments

Introduction to QuickBooks “Accountant’s Copy”

What's an Accountant's Copy? An Accountant's Copy is a version of your QuickBooks company file your accountant can use to make changes while you continue to work. You continue to work in your company file and, at the same time, your accountant works in the Accountant's Copy. When your accountant is done, you then import [...]

By |2017-02-23T13:26:09-05:00January 17th, 2015|Uncategorized|0 Comments

2014 Tax Year – Key Figures for Individual Tax Return Calculations

We are pleased to provide this information as a reference tool for our clients.  However, because many of the limitations and amounts referenced below are subject to adjustment and/or phaseout depending on the taxpayer's adjusted gross income, taxpayers are encouraged to seek professional guidance before utilizing this information.  As always, the team at GGA&M is ready to assist should [...]

By |2017-02-23T13:26:09-05:00December 31st, 2014|Uncategorized|0 Comments

Affordable Care Act “Shared Responsibility Penalty” Illustration

As we mentioned in a previous post, one of the biggest impacts on individual taxpayers of the Affordable Care Act (“Obamacare”) is an excise tax known as the “Shared Responsibility Payment.” In short, there will be a penalty for individuals not having qualifying health insurance beginning in tax year 2014. The 2014 penalty is calculated [...]

By |2017-02-23T13:26:09-05:00December 24th, 2014|Uncategorized|0 Comments

Affordable Care Act (ACA, or “Obamacare”) Considerations

Tax year 2014 represents the first year that two critical components of the Affordable Care Act (ACA, also known as “Obamacare”) will begin to impact individual taxpayers: Shared Responsibility Penalty for individuals without health insurance: The ACA generally requires individual taxpayers to pay an excise tax for each month, beginning January 2014, in which they [...]

By |2014-12-31T13:02:21-05:00December 24th, 2014|Uncategorized|0 Comments