Paramount Tax & Bookkeeping in Katy Blog

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses--including the cost of buying health insurance. Here's what you need to know about QSEHRAs, brought to you by CPA accounting firm in Katy.

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Here are Five Tax Deductions that Disappeared in 2018, brought to you by our accounting firms in Katy. Contact Paramount of Katy for more information.

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school. Here are some tips on saving for education, brought to you by our tax accountants Katy. Contact Paramount Tax & Bookkeeping in Katy in Katy to learn more.

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill--money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated. Here is some info on reporting virtual currency transactions, brought to you by our tax accountants Katy. Contact Paramount Tax & Bookkeeping in Katy in Katy to learn more.

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let's take a look at five of them, brought to you by our accounting firms Katy. Contact Paramount Tax & Bookkeeping in Katy to learn more.