Ong & Company Blog

Dependency Exemptions for Recent College Grads

Richard Ong / January 13, 2017 /

Tax Planning

Do you have a recent college graduate in the family, or will your child be graduating this year? If so, this might the last chance you have to claim a dependency exemption on your federal income tax ...

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Protect Yourself from Payroll Tax Penalties

Nick Ong / January 06, 2017 /

Payroll

As an employer, you're responsible for collecting payroll taxes from employee wages and depositing the taxes with the IRS. The IRS takes these rules very seriously – so seriously that if your ...

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Client Spotlight: Aeromotive

Nick Ong / January 04, 2017 /

Client Spotlight

On December 8th, Aeromotive officially announced a partnership with Waterman Racing Components that will combine the R&D and design expertise of the two powerhouses in the serious fuel systems ...

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Audit-Proof Business Travel Deductions

Richard Ong / December 30, 2016 /

Tax Deductions

The ability to deduct expenses on your tax return often boils down to whether you've kept the proper records or not. This is especially true when it comes to write-offs for travel and entertainment ...

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Avoid Tax on Sale of Your Home

Richard Ong / December 27, 2016 /

Tax Planning

You're probably familiar with the current version of the tax break known as the home sale exclusion. If you're single, you can exclude up to $250,000 of gain on the sale of your home. The exclusion ...

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Tax Break For Employer Stock in Your 401K Plan

Richard Ong / December 16, 2016 /

Retirement Savings

The tax code contains a not-so-secret secret: the tax break for "net unrealized appreciation," which can help you save tax dollars when you have employer stock in your retirement plan. Here's how the ...

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Retirement Account Rollover Tips

Richard Ong / December 09, 2016 /

Retirement Savings

Are you transferring money between retirement accounts? Be aware of the rollover rules, which govern the tax treatment of retirement plan distributions....

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Client Spotlight: True Health PA

Nick Ong / December 05, 2016 /

Client Spotlight

True Health PA is taking an innovative approach to healthcare in the Kansas City metro area through an integrated model of medical, physical rehab, and chiropractic services to help patients get well ...

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2016 Year-End Tax Planning Letter

Nick Ong / December 02, 2016 /

Tax Planning

Dear Clients and Friends, As 2016 winds down, a lame-duck Congress is unlikely to take action on tax legislation. The pace of activity may change next year, with a new Administration and ongoing talk ...

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Flexible Spending Account Deadlines

Richard Ong / December 02, 2016 /

Flexible Spending Accounts

As the year-end holidays approach, it may be time to empty out your health flexible spending account (FSA). Here's an overview of the tax rules for these accounts....

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