The straight line

The Affordable Care Act established the health insurance premium tax credit (PTC). It first became available to taxpayers in the 2014 tax year. If you or a loved one is eligible for this refundable credit, it can be claimed even if the taxpayer doesn’t owe federal income tax for the year. Here’s what you need to...

There are instances when you can write off interest on personal loans used for business purposes, such as injecting capital into an S corporation, multi-member LLC, partnership or C corporation. But keep in mind that interest expenses must be classified into one of four categories (see box at the bottom of this article for details). Different...

Several significant tax developments happened last year that may affect federal income tax returns that individual and business taxpayers file in 2017. Here’s a quick look at 10 key changes that you should be aware of during this tax season. Stand-Alone HRAs On December 13, 2016 — just over a month before leaving office — President...

Elizabeth Thyer became an employee of Gardiner Thomsen back in 1999. She specializes in audits of municipalities and is licensed in Iowa. She is a member of ISCPA, AICPA and is on the ISCPA Governmental Auditing & Accounting Committee, which plans the ISCPA Governmental Roundtable each year, as well as selects the continuing professional education...

The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home. Understand How Tax Fraud Happens...

Teamwork. It’s a common enough term these days, and well-known companies such as General Electric, 3M, Texas Instruments and Federal Express have been using it to their advantage for decades. Now an increasing number of businesses have taken up team building for growth, efficiency and competition. However, building effective teams isn’t a snap, particularly here in...