How Do I Start A Business?

So you’ve done your research, you have your business plan and finances figured out. What’s the next step in starting your own business? Next up is choosing a business entity. You have several options to choose from and they include: a sole proprietorship, a limited liability company (LLC), a partnership, or a corporation. The structure… Read More

Welcome Kourtney Krumm

Kourtney Krumm is the newest member of our T.L. Baker Co., LLP team. Kourtney earned her bachelor’s degree from Iowa State University, graduating in May of 2017 with a bachelor’s degree in Accounting and Management with a minor in Agricultural Business. Currently, she is in the process of obtaining her CPA certification. She will spend… Read More

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

Health Reimbursement Accounts for Small Employers

Health Reimbursement Accounts (HRA’s) are back after the signing of the 21st Century Cure Act, effective January 1, 2017. There are new rules (of course!) that come right along with them for 2017 (as well as some transitional relief for the remainder of 2016). Just a bit of background: health reimbursement accounts can be setup… Read More

Standard Mileage Rate Drops for 2017

Beginning Jan. 1, 2017 the standard mileage rates will be: 53.5 cents per mile for business miles driven (down from 54 cents per mile in 2016) 17 cents per mile for medical or moving purposes (down from 19 cents per mile in 2016) 14 cents per mile for charitable organizations

Celebrating 5 Years

Today, T. L. Baker & Co., LLP is celebrating our 5th year of service. We thank our clients and employees for their contributions to our continued success. Over the past 5 years we have worked towards our goal to be “More than your typical accounting firm”. Our dedicated team has over 90 years of combined… Read More

College in Fall of 2017?

Do you have a child going off to college in the fall of 2017? Be aware they are making the application for FAFSA available to you October 1st and you will be using your 2015 tax information for students applying for the 2017-18 school year. These changes should help prevent the scramble in the spring… Read More