Health Savings Account Limits Increase for 2018

For 2018, the annual limit on deductible contributions is $3,450 for self-only coverage (up from $3,400 in 2017) and $6,900 for family coverage (up from $6,750 in 2017). There is an additional HSA catch-up contribution if age 55 or older of $1,000. The minimum annual deductible for self-only coverage is $1,350 (up from $1,300 in… Read More

Paying Farm Kids for Farm Work, Part III

Farm children of any age working in mom or dad’s farm operation provide more tax opportunities for farmers. Farmers can pay reasonable wages in the form of commodities to their children (for farm work) and reap family tax savings. Children can be paid wages in the form of commodities (and NOT cash) and not have… Read More

Paying Farm Kids for Farm Work, Part II

Farm children 18 years or older working in mom or dad’s farm operation provide more tax opportunities for farmers. Schedule F and corporate farmers can pay reasonable wages to their children (for farm work) and reap large family tax savings. Children can be paid cash wages income tax free, subject to FICA withholdings, if wages… Read More

QuickBooks ProAdvisors

Who are QuickBooks ProAdvisors you ask? ProAdvisors are individuals who have been certified by Intuit to know the various QuickBooks products. Here at T. L. Baker, we have six QuickBooks ProAdvisors with expertise ranging from desktop to online to enterprise. We are here to assist you with all of your QuickBooks needs. If you need… Read More

Do I have to pay taxes if I have Nanny?

Hiring a nanny can have a positive impact on your life, but you also need to keep in mind that it will have an impact on your finances, as well. You will be expected to pay a mix of taxes on top of the salary you pay them. This is referred to as the “nanny… Read More

Mom died, where do I start?

A great place to start is mom’s CPA or accountant. “Why?” you may ask? CPA’s can be incredible assets in establishing mom’s estate identity and titling assets correctly after death. Applying for an Employer Identification Number (EIN) from the IRS is a necessary first step and can be done by your CPA. An important part… Read More