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Stanfield, Thomas & Associates
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Flexible Spending Arrangements (FSAs) - Did You Know?![]()
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Considering a job change? Before leaving your current position, check the account balances in your flexible spending arrangements (FSAs). You generally cannot transfer an FSA to a different workplace, so you will want to use up those funds to avoid forfeiting them to your employer.
Employer Childcare Tax Credit – Did You Know?![]()
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Businesses that provide childcare services for employees may be eligible to claim a tax credit for some of the expenses involved. The Employer-Provided Childcare Tax Credit is offered to organizations that maintain on-site childcare facilities for employees, or provide resource and referral services like contracting with a qualified childcare facility.![]()
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To qualify for the Childcare Tax Credit, a business must incur expenses to provide childcare services for employees. The standard credit amount is 25% of costs associated with maintaining a childcare facility, or 10% of resource and referral costs, up to a maximum of $150,000. Eligible businesses may claim the credit as part of their general business credit, and so may carry any unused credit amount back one year, or forward up to 20 years. A business tax professional can help you structure the childcare services your enterprise provides for employees to meet the requirements for this business tax credit.
Workplace Health Benefits - Did You Know?![]()
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If you set aside pre-tax dollars for medical expenses through a workplace benefits program, pay careful attention to whether the plan is a flexible spending arrangement (FSA) or health savings account (HSA). Generally, you must use up an FSA balance each year or risk losing it. This restriction does not apply to HSAs. Rules may vary slightly depending on your employer's plan options.
Summer Tax Planning Reminders – Did You Know?![]()
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A variety of summer activities have the potential to generate taxable income, or to help you qualify for tax benefits. For example, if you engage in part-time, seasonal or gig economy work during the summer, then you may need to adjust your tax withholding or make estimated tax payments to account for the extra income. If your children work during the summer, they may need to file a tax return next spring to claim any IRS refunds they have coming.![]()
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Self-employed people who travel for business purposes may generally deduct travel expenses to reduce their taxable income. However, if a summer trip involves both business and personal activities, you must take care to only deduct expenditures that serve a clear, legitimate business purpose.![]()
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Finally, if you make improvements to your home this summer, then you may qualify for home energy tax credits. A variety of credits exist for projects that improve energy efficiency, or involve generating or using renewable energy like wind or solar power. You must carefully document all eligible expenses in order to claim these credits. Also note that the rules for energy credits may change after this year, so this summer might be the ideal time to complete a project. A tax professional can help you analyze the potential tax impacts of all your summer endeavors.
Overseas Tax Filing & Quarterly Installment Deadlines![]()
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If you are a U.S Citizen or Green Card Holder living abroad and have not filed your taxes yet, the deadline is coming up on Monday, June 16th, 2025.![]()
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If you are making quarterly estimated tax payments to the IRS, the due date for the April 1 – May 31 quarter of the year is also June 16th.![]()
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For payments made using IRS Direct Pay, you can make payments until 11:45PM EST, and for payments using a credit or debit card, payments can be made up to midnight on the due date.