Brady Ware News

10 Ways to Cut Taxes This Summer

10 Simple (and Fun) Ways to Cut Taxes This Summer It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself. Give some attention…

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Health Savings Account Limits for 2018

Health Savings Account Limits for 2018 With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses…

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IRS Adds FAQs on FATCA Beneficial Owner Requirements

The IRS recently added three frequently asked questions to its Foreign Account Tax Compliance Act (FATCA) compliance page elaborating on identification requirements for a beneficial owner withholding certificate. Question: Under what circumstances is a withholding agent required to collect a foreign taxpayer identification number (TIN) or date of birth on a beneficial owner withholding certificate?…

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Classifying Income and Losses Affects Your Taxes

Capital vs. Ordinary: Classifying Income and Losses Affects Your Taxes Most of the time, how to classify gains and losses from selling an asset is fairly straightforward. But there are some gray areas that require a closer look at the facts and circumstances, especially when real estate is involved, as a couple of recent cases…

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OECD Issues International VAT/GST Guidelines

The Organisation for Economic Co-operation and Development (OECD) released guidelines on applying Value Added Tax (VAT) and Goods and Services Tax (GST) to international trade transactions. Officially called the Recommendation of the Council on the Application of Value Added Tax/Goods and Services Tax to the International Trade in Services and Intangibles, the guidelines are aimed…

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