1. How Much You Can Contribute to Retirement Plans in 2015

    How much can I contribute to my IRA and 401(k) in 2015? The contribution limits for your 401(k) will be higher in 2015 than in 2014. The maximum you’ll be able to stash in a 401(k), 403(b), 457 or the federal government’s Thrift Savings Plan will increase by $500, to $18,000 in 2015. The catch-up contribution limit for anyone who turns 50 in 2015 will also increase, from $5,500 to $6,000 (for …Read More

  2. 2014 and 2015 HSA Contribution Limits

    If  you are a client of Jarus & Co you know that we are proactive CPA's who attempt to find all applicable deductions for our accounting clients. We love HSA accounts because they are effectively a loophole allowing certain taxpayers to deduct their "out of pocket" healthcare expense.  Typically these are not allowed as a deduction given few taxpayers have out of pocket healthcare expense ex…Read More

  3. What You Need to Know About ASC 740: Accounting for Uncertainty in Income Taxes (formerly FIN 48)

    ASC 740 (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes or “FIN 48”) establishes a “more-likely-than-not” threshold for the reporting of uncertain tax positions on financial statements.  This standard requires new disclosures in annual financial statements, including a reconciliation of total unrecognized tax benefits, classification of income tax…Read More

  4. Your CPA: Vital to Your Estate Plan

    Often CPA's assist clients with the implementation of basic estate planning tools such as trusts.  Higher net worth clients tend to need to services of an estate planning attorney.  Too often the CPA is not included in the client’s estate planning process when an attorney is used. Often the CPA’s absence in estate planning is a result of the failure on the part of the estate planning attorne…Read More