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Understanding Health Savings Accounts

A lot is changing in the world of health insurance, but as of right now, an increasingly popular alternative to a traditional health insurance plan is a Health Savings Account (HSA) plan.  An HSA plan starts with the purchase of a high deductible health insurance plan, which in turn makes the insured eligible to contribute to a special account known as a Health Savings Account (HSA).   An HSA is... [Read more]

The New Health Care Reform- What it Means to You (Part 1)

Two major pieces of legislation were recently signed into law, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.  The provisions of this new legislation and the process that was followed by Congress to make it law have resulted in as sharp a division in public opinion as we have ever witnessed.  The sheer scope of the new legislation is such... [Read more]

Improved Education Tax Credit for 2009 and 2010 - Part 2

The American Opportunity tax credit is also 40% refundable, which means that you can get a refund if the amount of the credit is greater than your tax liability. For example, someone who has at least $4,000 in qualified expenses and who would thus qualify for the maximum credit of $2,500, but who has no tax liability to offset that credit against, would qualify for a $1,000 (40% of $2,500) refund from... [Read more]

Improved Education Tax Credit for 2009 and 2010 - Part 1

The American Opportunity tax credit created a new and improved HOPE credit that may allow you to turn part of the higher education expenses you incur for yourself, your spouse, or your dependents into tax savings. The maximum credit allowed is $2,500 per student (for both 2009 and 2010) for the first four years of undergraduate education at an eligible educational institution. Generally, eligible educational... [Read more]

New and Improved Energy-Efficient Incentives

Have you been considering investing in home improvements that might reduce your energy costs? With the passage of the American Recovery and Reinvestment Act of 2009, two valuable tax credits are now available to taxpayers who make energy efficiency improvements to their home in 2009 or 2010. As you may know, a tax credit is a dollar-for-dollar reduction in tax, and is therefore generally much more... [Read more]

First-Time Home Buyers’ Tax Credit Improved

First-Time Home Buyers’ Tax Credit Improved by Glenn Schanel, CPA - Jupiter, Florida In an effort to revive the real estate market, in 2008 Congress created a tax credit for “first time home buyers.”  In its original form, this “credit” of $7,500 was in reality an interest free loan that the taxpayer had to repay over a 15 year period.  It soon became evident that this... [Read more]

The Tax Consequences of a Short Sale or Foreclosure: Vacation Homes (Part 3)

The Tax Consequences of a Short Sale or Foreclosure: Vacation Homes By Glenn Schanel, CPA, CFP® (This article is the third in a three part series on the tax consequences of short sales and foreclosures. This installment will cover properties that qualify as vacation residences or second homes.) A vacation or second home is a residence that is used for personal purposes but which does not qualify... [Read more]

The Tax Consequences of a Short Sale or Foreclosure: Rental Property (Part 2)

By Glenn Schanel, CPA, CFP® (This article is the second in a three part series on the tax consequences of a short sale or foreclosure. This installment covers properties that qualify as rentals.) You may be one of the many South Floridians who purchased one or more investment properties at or near the height of the real estate boom and now are left holding a property that has significantly depreciated... [Read more]

The Tax Consequences of Short Sales and Foreclosures: Principal Residences

By Glenn Schanel, CPA, CFP® (This article is the first in a three part series on the tax consequences of a short sale or foreclosure. This installment will cover properties that qualify as a principal residence.) The last thing a person involved in a foreclosure or short sale needs is a crushing tax bill, so it is important to understand and be aware of potential tax consequences. When it comes to... [Read more]

The Need For Buy-Sell Agreements in Small Business

THE NEED FOR A BUY-SELL AGREEMENT IN SMALL BUSINESSES By Glenn G. Schanel, CPA All your working life you have strived to develop a successful business. The investment you make in your business is much more than just money or capital. It includes a substan tial amount of your time and hard work. Over the years, the small business you started will grow based on your hard work. As a reward of this growth,... [Read more]

What are Health Savings Accounts (HSA’s)?

HEALTH SAVINGS ACCOUNTS By Glenn G Schanel, CPA and Associates, PA What Are They? A health savings account (HSA) is a means of saving for medical expenses on a taxfavored basis. It is not health insurance, but rather is a custodial account that is set up with a financial institution and created exclusively for the benefit of the account holder to save for medical expenses. How Are Contributions Taxes? Contributions... [Read more]

IRS Announced 2006 Retirement Limits

IRS ANNOUNCES NEW RETIREMENT SAVINGS CONTRIBUTION LIMITS FOR 2006 The following is a summary of the annual contribution limits for retirement savings plans for 2006: Plan Type Contribution Limit Age 50 & Older “Catch Up” Traditional and Roth IRA $4,000 $1,000 SIMPLE Plans $10,000 $2,500 401(k) and 403(b) $15,000 $5,000 SEP Plans Lesser of 25% of compensation, or $44,0000 N/A Defined... [Read more]

Hurricane Wilma Tax Relief

TAX RELIEF RELATING TO HURRICANE WILMA Glenn G. Schanel, CPA and Associates On December 21, 2005, President Bush signed into law the Gulf Opportunity Zone Act of 2005. This Act includes certain tax relief for those affected by Hurricane Wilma. The Act eliminates the 10 percent and $100 floors for casualty and theft losses from Hurricane Wilma disaster areas. This means that if you had any loss and... [Read more]

Tax Increase Prevention and Reconciliation Act of 2006

Glenn G. Schanel CPA & Associates, PA 14243 US Highway 1 Juno Beach, FL 33408 (561) 624-2118 THE TAX INCREASE PREVENTION AND RECONCILIATION ACT OF 2006 After much wrangling, Congress recently passed - and the President signed into law - the Tax Increase Prevention and Reconciliation Act of 2006 (TIPRA). While most of the new law’s provisions are favorable to taxpayers, some of them will result... [Read more]

Year End Tax Planning 2006

GLENN G. SCHANEL, CPA AND ASSOCIATES , PA YEAR-END TAX PLANNING STRATEGIES FOR 2006 Fall 2006 As this year enters the home stretch, there is still time to plan to reduce your 2006 federal income taxes. Adding to existing  tax-saving strategies are some new ones presented by recent tax legislation. On the other hand, the uncertain fate of several popular tax breaks that expired at the end of 2005 could... [Read more]

June 2007 Tax Alert

TAX ALERT NEW LAW INCLUDES BUSINESS/PERSONAL TAX CHANGES A portion of a supplemental spending and minimum wage bill recently signed into law included several tax provisions that may have an impact on you and your business. The Small Business and Work Opportunity Tax Act of 2007 contains $4.8 billion in small business tax breaks -but also includes $4.4 billion in revenue raisers. We have briefly summarized... [Read more]

2008 Economic Stimulus Act

THE 2008 ECONOMIC STIMULUS ACT The Rebate In an effort to head off a major economic slowdown, the Administration and Congress agreed on a package of tax provisions intended to stimulate the economy. The Economic Stimulus Act of 2008 (”Act”) provides benefits to both individuals and businesses. Below is a discussion of the rebate portion of the Act. Rebate for Individ uals Each qualifying... [Read more]

2008 Housing Stimulus Law

PRESIDENT SIGNS HOUSING STIMULUS LAW August 2008 On July 30, 2008, the Housing Assistance Tax Act of 2008 (the “Act”) became law. The Act provides more than $15 billion in tax incentives intended to help bolster the housing industry - and some revenue offsets to help pay for them. The Law’s Major Provisions The new law contains numerous provisions affecting individuals, state and... [Read more]

Emergency Economic Stabilization Act of 2008

SA SCHANEL &ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS PA THE ADVISOR November 2008 Enacted on October 3, 2008, The Emergency Economic Stabilization Act of 2008 (the “Act”) The Act contains core provisions to help the financial services sector and boost the economy, along with various tax provisions that will affect individuals and businesses. The following are some of the changes in the Act that... [Read more]