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Abare, Kresge and Associates CPAs


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Abare, Kresge and Associates CPAs are committed to utilizing innovation and creativity to provide the very best financial, tax and business insights and solutions, while maintaining the highest level of integrity. Our mission is to deliver first-rate solutions to every client in every situation, while providing value-added services that exceed the expectations of clients.

Abare, Kresge and Associates CPAs


   News

RMD — Big MisTAKE — Big Penalty

If you are 70 ½ or older, and have an IRA or other qualified plan fund, you probably know that you must take a required minimum distribution (RMD) before year end. If you turned 70 ½ this year, you will have until April 1st of next year to take your first RMD. However, did you know that if you inherited an IRA or other qualified plan fund from a person who passed away in 2019, and that person was 70 ½ or older, an RMD for 2019 must be taken out before the end of the year of death? Many beneficiary are not aware of this rule and fail to take this distribution. The penalty for not doing so is 50% of the amount that should have been distributed. If this happens to you, please give us a call or message ... we can help.

NEW Updates to Healthcare Requirements

For the 2019 Tax Year you are no longer penalized for not having health insurance. In January 2019, The Tax Cuts and Jobs Act officially repealed the Affordable Care Act tax penalty. This means you will no longer be penalized when you file your taxes for not having health insurance.

HSA

Amounts have increased to $3,500 for Individuals / $7000 for Families. Maximum catch-up contributions for people over age 55 remain at $1,000.

Divorce

Did you go through a divorce this year or are you currently going through a divorce? The tax rules have changed. Give us a call to discuss the changes to treatment of Alimony! 904-460-0747

2019 Medical — Threshold has increased from 7.5% to 10%

The IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 10% of their adjusted gross income. This includes medical and dental unreimbursed expenses.

2019 Tax Planning

It's not too late! Tax planning is well underway here at Abare, Kresge & Associates. This is the perfect time to contact us to discuss your 2019 taxes and get a plan in place. We make every effort to make sure you are taking advantage of all of your tax saving options. Call to schedule an appointment today. 904-460-0747

   Clients