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From the Headlines to your Bottom Line

Are You Eligible for the New Dependent Credit and HOH Filing Status?

The IRS recently clarified who's eligible for the new $500 tax credit for dependents who aren't qualifying children under age 17, as well as how much income those individuals can earn each year without negating the credit. The income test is also relevant if you're unmarried and want to use the beneficial head of household (HOH) filing status. Here are the details.
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Small Employers: Should You Jump on the MEP Bandwagon?

Congress and the U.S. Department of Labor are working on rules that would make it easier for small employers to join multiple employer plans (MEPs). These defined contribution plans are designed to help American workers save for retirement. MEPs are expected to lower administrative costs, but do they offer the simplicity that employers want? Here are some issues to consider.
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Can You Have Too Much Tax Deferral?

Deferring income is a conventional tax planning strategy for businesses and individuals alike. It's especially effective when your tax bracket is expected to remain the same or decrease in future years. But under the Tax Cuts and Jobs Act, deferring too much income might be inadvisable. Here's why it's important to think twice before you defer income under today's tax law.
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How We Add Up

"Our clients rely on Fust Charles Chambers to provide innovative thinking by anticipating changes in tax laws, accounting methods and industry and economic trends. At other times, our clients depend on us to act as a sounding board for their ideas and concerns. We’re proud to be part of our clients’ team with the purpose of assisting them in attaining their goals and objectives."

- Joseph L. Charles, Partner