Services We Offer
  Tax Preparation and Filing

Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

  IRS Tax Problems Resolution

Whether you’re facing tax levies, liens, or garnishments, don’t face the IRS alone. We may even be able to arrange a reduced payment. (Get More Info)

  Business Registration

Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

  ITIN Application

Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

  Accounting and Bookkeeping

If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

  Payroll Processing

Payroll is a hassle and a huge time drain for small businesses. Let us help with all aspects of your payroll processing (Get More Info)

  Notary Services

When you need notary services, we’re your trusted partner. We provide fast service for your notary needs. (Get More Info)

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Streamline your filing process and avoid the risk of process glitches. We can help you.

Contact Information
KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

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The Surprisingly Easy Way to Reduce Your Income Tax (Hint – it’s not what you think!)

Posted by kftaxaccounting2014 on November 18, 2014 in Health Care, Reducing Taxes | 0 comment

When it comes to paying income taxes, less is more, right? You want to pay your fair share, but you often wonder if you’ve overlooked credits or deductions that you’re entitled to take.

One you’ll want to consider if you have children who are younger than 27 years of age is the use of cafeteria plans. If your employer offers them you can make pre-tax contributions for your children’s health insurance premiums. When you do this, the taxable portion of your income is reduced, often decreasing your income tax for the year.

If you thought that the cut off age was lower, you were right, or at least you were until 2010. With the passage of the Affordable Care Act (aka Obamacare), the age limit was raised to include all children under 27 years of age.

If you’re self employed, rather than working for a traditional employer, this change also applies to you if you can claim the insurance deduction for the self employed on your federal income tax return.

The definition of child for the purpose of this benefit is your biological or adopted daughter or son, a stepchild, or an eligible foster child.

If you are paying for health insurance coverage for a child under age 27, you’ll definitely want to make sure you’re using pre-tax dollars to pay for those premiums. Check your benefits plan carefully to make sure you’re making pre-tax salary contribution reductions as allowable.

And as always – taxes can be complicated. Take the stress and confusion out by talking with someone who knows how to help you get the deductions and credits you deserve. Contact us today with your specific tax questions and issues. We’re on your side!

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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