Healthcare revenue cycle management market projected to be worth $104 billion by 2025
Increasing government spending is partially driving the market’s growth, along with initiatives to encourage adoption of third-party solutions.
Healthcare cloud computing growth due in part to curbing infrastructure costs
Cloud solutions help organizations reduce infrastructure costs and interoperability issues, and aid in complying with regulatory standards.
Growing Housing Investment Continues the Search for a Golden Ticket
Investment in real estate opportunities has climbed substantially during the last decade and only continues to grow.
How to Help Affordable Housing Developers Win Incentives
Affordable housing, at its core, is about the building and strengthening of human capital, says Flynann Janisse of Rainbow Housing Assistance Corp.
Putting together the succession planning and retirement planning puzzle
Business owners must save for retirement and create a succession plan. To put together the pieces, ask some fundamental questions. When do I want to retire? This is when you’ll begin drawing on your savings and when your successor will take over. How much retirement income will I need? To maintain your lifestyle, you’ll likely need a substantial percentage of your current annual income. What are my retirement income sources? Think about how a business sale or continued involvement in your company will affect this. Am I saving enough? Heavy spending and an excessive debt load can delay retirement and negatively impact your succession plan. Contact us for help.
The key to retirement security is picking the right plan for your business
If you’re a small business owner, you may want to set up a retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages, including 401(k)s, Simplified Employee Pension (SEP) plans and SIMPLE IRAs. For 2019, the maximum amount you can contribute to a 401(k) and exclude from income is $19,000, plus a $6,000 “catch-up” amount for those age 50 or older. For a SEP plan, the 2019 maximum amount is 25% of compensation or $56,000. And for a SIMPLE IRA, the maximum 2019 amount is $13,000, plus $3,000 if you’re age 50 or older. These are only some of the options that may be available to your business. We can help find the best choice for your situation.
The next estimated tax deadline is September 16: Do you have to make a payment?
If you’re self-employed and don’t have paycheck withholding, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The 3rd 2019 estimated tax payment deadline for individuals is Monday, Sept. 16. Even if you do have some withholding from paychecks or other payments, you may still have to make estimated payments if you receive income such as Social Security, prizes, rent, interest and dividends. Generally, taxpayers send four equal installments. But people who earn income unevenly during the year (for example, from a seasonal business) may be able to send smaller payments. Contact us if you have questions about the estimated tax rules.
Some business owners can’t participate in their own companies’ HRAs
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans. If you’re a business owner, you might assume that, after putting in the time and effort to set up an HRA, you could participate in it. But this may not be the case. Owners who are “self-employed individuals” under Internal Revenue Code Section 401(c) aren’t allowed to participate in an HRA on a tax-favored basis. Ineligible owners include partners, sole proprietors and more-than-2% shareholders in an S corporation. A Health Savings Account (HSA) might be a better option. Contact our firm for help choosing health care benefits that suit you and your employees.
Expenses that teachers can and can’t deduct on their tax returns
As teachers head back to school, they often pay expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct some of them on their tax returns. You don’t have to itemize your deductions to claim this “above-the-line” tax break. For 2019, educators can deduct up to $250 of eligible expenses that weren’t reimbursed. Eligible expenses include books, supplies, computer equipment, software, other classroom materials, and professional development courses. To be eligible, taxpayers must be kindergarten through grade 12 teachers, instructors, counselors, principals or aides. They must also work at least 900 hours a school year in an elementary or secondary school.