Are there any benefits to filing early?

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This article is part of our 2017 Tax Season FAQ Series – If you have a question submit it to FAQ@rmfcpallc.com, and it may become part of a future post. There has always been a myth that folks who file earlier are less likely to be audited, or in particular, those who file an extension […]

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Documenting Your Charitable Donations

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Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. […]

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2016 Tax Highlights

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Get Your RMDs Before It’s Too Late!

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Have you taken the required minimum distribution (RMD) from your individual retirement arrangement or workplace pension plan? That’s an important question because failure to take your RMD on time could result in a stiff penalty of 50% of the amount you should have withdrawn (plus the income tax on the distribution). In general, those who […]

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Plan Now to Save on Taxes Later

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Even though tax filing time is next year, now is the perfect time to complete your planning so you can take advantage of all opportunities to minimize your tax bill. That begins with ensuring you’ve taken all the deductions that can help reduce your taxable income. Have you maxed out retirement plan contributions, for example? […]

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An end to Penalties for Small Business HRA’s

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Story follows up on the previous announcement as the President signed the bill making it law effective January 1, 2017. Health reimbursement arrangements (HRAs) enable small businesses to contribute to employee health care expenses, including premiums, deductibles, and other out-of-pocket costs. Unfortunately, up until now, employers with HRAs have faced the threat of potential hefty […]

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What to Do Before the Tax Year Ends Dec. 31

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Charitable contributions on your tax return: Donations charged to a credit card before the end of 2016 count for the 2016 tax year, even if the bill isn’t paid until 2017. Checks to a charity count for 2016 as long as they are mailed by the last day of the year.  All charitable donations are […]

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IRS Continues to Warn Taxpayers of Impersonation Scams

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The IRS released the document below to tax preparers. As we continue to see a rise in tax scams and identity fraud, we felt it was best to share the entire article with you. If you have any questions or additional concerns, do not hesitate to contact our office at (717) 337-1414 or info@rmfcpallc.com IRS […]

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IRS provides 2017 Standard mile rate

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The Internal Revenue Service today issued the 2017 optional standard mileage rates for business, medical and charitable purposes All new rates are effective January 1, 2017. The rates specific to the use are as follows: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for medical or […]

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Welcome Relief to Employers

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In an out-of-character act of good sense, congress has passed legislation to eliminate the penalty on employers who reimburse their employees for the cost of their individual health insurance premiums.  The President has issued a statement in support of the legislation and is expected to sign it into law once it reaches his desk. Under […]

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