Paramount Tax & Accounting Tustin Blog

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 Tustin. Contact Paramount Tax & Accounting Tustin in Tustin 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 Tustin. Contact Paramount Tax & Accounting Tustin in Tustin 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 Tustin. Contact Paramount Tax & Accounting Tustin to learn more.

The health care law contains tax provisions that affect employers. The size and structure of a workforce--small or large--helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Here is some info on employer responsibilities under the ACA, brought to you by our accounting firms Tustin. Contact Paramount Tax & Accounting Tustin to learn more.

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). Here's what to do if you're missing important tax forms, brought to you by our tax accountants Tustin. Contact Paramount Tax & Accounting Tustin to learn more.