McCullough & Associates Blog

If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. There are also a couple benefits for those in the ROTC…

Medicare enrollment is automatic for some of us. If you are age 65 and eligible to receive Social Security benefits (or married to someone eligible to receive them), then you are also automatically eligible for Medicare Part A (free hospital insurance) and Medicare Part B (medical insurance for which you pay premiums), a.k.a. “original Medicare”.¹

If this is the…

Beginning January 1, 2014, the Affordable Care Act (ACA) requires states to establish an exchange ("Marketplace") through which insurance carriers will offer insurance coverage to individuals.  Missouri residents will rely on a federally based exchange. In January of 2013, the DOL issued guidance indicating that information on the Marketplace notice requirement would be delayed until late summer…

Miracle Jeans Day at McCullough and Associates!  Thank you to the Children's Miracle Network of CoxHealth for letting us particpate in this special day to help support the medical needs of our local children! 

Established in 2011 by Missouri House Bill 45, the Small Business Deduction for New Jobs (SBDNJ) provides a deduction from income tax for new jobs created in Missouri for certain qualifying small businesses.  When original legislation was passed, the language in that bill limited the tax opportunity to corporations and sole proprietors.  It did not apply to partnerships or S corporations or pass…

We are excited to announce that our office will be participating in this year's Miracle Jeans Day to support the Children's Miracle Network here in Springfield, MO.

As we mark the end of summer with Labor Day, we recognize the hard work so many Americans have put in (and continue to put in) to make this country great. 

The Labor Day weekend is coming up and we just wanted to wish you a great holiday weekend…

We recently ran across this article that has some great financial tips for any college student, especially those who are freshmen this year.  If you or someone you know has a college student please read this article to learn how you can help your student start off on the right financial foot.

The Freshman 15 Financial Flubs to Avoid
By Cameron Huddleston

You’ve…

Going to college can be a stressful time for students and parents. Here are some tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress.

American Opportunity Tax Credit.  This…

C corporations, S corporations, limited liability companies, limited partnerships, professional corporations, and nonprofit organizations all may be questioned by the IRS regarding profits, losses, and even whether the activity is a business or a hobby. For an activity to be considered a business, it must be engaged in for profit. If the activity is not engaged in for profit, it is subject to the…