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

Welcome Erika Mertens

Erika Mertens has recently joined the T.L. Baker Co., LLP team in January 2016. Erika brings over three years of marketing and graphic design experience to her position. She currently spends most of her time managing the company website, developing and managing various social media platforms, and other technology initiatives. Erika graduated Magna Cum Laude… Read More

5 Reasons to Evaluate your Work in Progress Schedule

Many small contractors don’t take the time to evaluate their current jobs in progress. Here are a few reasons that may lead you to do so: Profitability Evaluation: by keeping close tabs on your job’s price quote, your expenses related to the job (don’t forget about salaries, including those of management and office personnel), and… Read More

Welcome Brian Graham, CPA

Brian Graham, CPA has recently joined the T.L. Baker Co., LLP team in January 2016. Brian brings over nineteen years of experience to his position and has worked with clients in a wide array of industries. His primary experience includes auditing and taxation of agricultural cooperatives. Read More

Don’t Get Tricked by the IRS Tax Scams

BEWARE…. There is an ongoing problem with people calling claiming to be with the IRS. The IRS will: Never initiate contact with taxpayers by e-mail to request personal or financial information. This includes any type of electronic communication, such as text messages and social media. Never ask you to provide your full Social Security Number by… 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