The Social Security Administration recently announced several changes to Social Security for 2022. The main one being that Social Security benefits will see a cost-of-living adjustment of 5.9% for 2022. This is up from 1.3% for 2021. Those pulling Social Security will receive this increase in benefits starting in 2022. For those who are younger […]
Nonresidential Building Improvements
Can I deduct nonresidential building improvement expenses? It depends on the type of improvement, but the Tax Cuts and Jobs Act of 2018 allows businesses to expense more types of nonresidential building improvements instead of depreciating them over several years. This change is due to the fact that building improvements now potentially qualify as section […]
Business Meals Deduction
The business meals tax deduction has been a subject of debate for decades. For some time, there was quite a bit of uncertainty surrounding the business meals deduction and the now obsolete business entertainment expense deduction. We have provided some updated guidance below. Entertainment Deduction (Not deductible): Business entertainment expenses are no longer deductible after […]
We’re Hiring – Join the GK Team!
Do you wish to enhance value and enrich lives through your work? If you answered “yes,” we may have the perfect position for you at Geenen & Kolean PC, where this is our mission. We are currently seeking a candidate to fill our blended role of payroll specialist and administrative support. This is a full-time […]
How To Use SafeSend Returns
SafeSend Returns allows clients to review their tax returns online and electronically sign their e-file authorization form(s). Geenen & Kolean automatically receives notifications when signatures have been completed. You will receive a secure email from noreply@safesendreturns.com or noreply@safesend.com like the one shown below. Click on the link in the email. Next you will be presented […]
Setting Up Your my Social Security Account
Accessing your Social Security information has never been easier with your personal online my Social Security account. We recommend creating your account for ease of accessing your information, to prevent possible fraudulent creation of an account in your name, and to assist in your retirement planning. Creating your account is simple and allows you to […]
Changes to the Meals and Entertainment Deduction
Due to the changes from the Tax Cuts and Jobs Act regarding meals and entertainment expenses, we suggest you reevaluate your bookkeeping system and account names for 2018. If you currently only have one account for all meals and entertainment expenses, you may want to split the account into three accounts: Entertainment Expense, which are […]
Filing Form 1099’s
We have received a lot of questions from our clients on who they should send a Form 1099 to. You may be required to send a Form 1099 to businesses and individuals your trade or business made payments to during the year. Here is a partial list of payments that require a Form 1099: […]
Individual Tax Planning for 2017 Tax Reform
The tax reform legislation recently passed by Congress significantly changes the landscape for individuals beginning January 1, 2018, and continuing for many years come. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions, and the […]
Year-End Gifts To Charity
As we approach the end of the year, many of our clients have asked us questions about year-end gifts to charity. The IRS gives us some good guidance in IR-2015-134. They have even included some reminders that I’ve copied below: Qualified charities. Check that the charity is eligible. Only donations to eligible organizations are tax-deductible. […]