In This Issue
Should You Consider a Health Savings Account?
Affordable Care Act Exemptions
Corporate Inversions Can Affect Your Taxes
AMT Triggers Could Boost Your Tax Bill if You're Not Careful
How Higher-Bracket Taxpayers Can Take Advantage of the 0% Long-Term Capital Gains Rate
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Should You Consider a Health Savings Account? 

 

Will you be deciding whether to sign up for health insurance or change your current plan when open enrollment for 2015 begins in November? If so, you may want to consider a health savings account (HSA).
 

These accounts, which combine a savings account and a high-deductible insurance policy, pre-date the health care laws. But the rules are still in effect and you ..(Read More)

 

 

"Our needs have varied over the last 40 years of our relationship and the Gilbert team has always met the challenge! I can relax because they "got this!"


 
- Laraine Patching

"Excellent service, friendly, helpful staff. I highly recommend them!" 

- Senior Gleaners, Inc.
NOVEMBER 2014

 

 

This will be the first year that our health insurance status will affect us as we file our taxes for 2014. As the time is drawing near, we wanted to offer some insights regarding healthcare exemptions and healthcare tax breaks that you may be able to benefit from. 


 
Are you familiar with the alternative minimum tax (AMT)? This is a separate tax system that if triggered can limit some deductions and make it so others are not permitted. We give you the three deductions that can be AMT so that there are not any surprises when you get your tax bill. 

 

Please give us a call; we're here to help so that you can relax.

 
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Affordable Care Act Exemptions

 

According to the Affordable Care Act (ACA), beginning in 2014, individuals and their family members are required to have qualified health insurance (i.e., minimum essential coverage), qualify for an exemption, or make a shared responsibility payment when filing their federal income tax return. If certain criteria are met, individuals and family members will be exempt from the individual mandate and won't have to obtain coverage or make a shared responsibility payment when filing their tax returns. The following is a list of the exemptions available:..(Read More)

Some Older Health Care Tax Breaks are Still Available 

  

Now that 2015 open enrollment for health insurance is right around the corner, you may be thinking about what plan to select. While you're making comparisons, don't overlook tax perks available with older health care benefits.Here are two.. (Read More) 

AMT Triggers Could Boost Your Tax Bill if You're Not Careful

 

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer - and in some cases permanently reduce - your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum tax (AMT). This is a separate tax system that limits some deductions and doesn't permit others. Here are some deductions that can be AMT triggers...(Read More)

How Higher-Bracket Taxpayers Can Take Advantage of the 0% Long-Term Capital Gains Rate

 

The long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on the taxpayer's ordinary-income rate. If you have loved ones in the 0% bracket, you may be able to take advantage of it by transferring appreciated assets to them. The recipients can then sell the assets at no federal tax cost.
 

Before acting, make sure the recipients you're considering won't be subject to the "kiddie tax." This tax applies to children under age 19 as well as to full-time students under age 24 (unless the students provide more than half of their own support from earned income)...(Read More)

A GilbertFIT Case Study: CSG Needs Access to Experience Accounting Experts 
Conservation Strategy Group's (CSG) has a rock-solid administrator who knows their business inside and out but isn't a trained accountant. While she had knowledge of QuickBooks, she still wasn't comfortable that she was doing everything the right way. The anxiety and stress was even more pronounced
...(Read More)