On December 12th, Partner - Michael Simpson, CPA, CVA, presented to RHM Partners on the new Tax Cuts and Jobs Act (TCJA). Michael discussed the effects on an individual and businesses, reform of itemized deductions - including state and local tax deductions, 529 plans, entertainment expenses, and more. 

Today, November 30th, our firm hosted our annual tax update seminar, preparing our team members for the upcoming tax season. Thank you to Mike Colgan, CEO and Executive Director of the PICPA, for speaking to our firm on the evolution and future of the Accounting field. 

November 13th, Brinker Simpson team members attended the Delaware County Chamber of Commerce's Annual Dinner where we recognized the 2018 Annual Award recipients and learned about the Power of Teamwork from keynote speaker Brent Celek!

If you have children, you may be able to reduce your tax bill using these tax credits and deductions.

While similar to FSAs (Flexible Savings Plans) in that both allow pre-tax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use it or lose it"), tax-free interest on earnings, and when used for qualified medical expenses, tax-free distributions.

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019.