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Health insurance is expensive. People can argue all day about why it’s expensive and how to fix it, but at the end of the day it’s still expensive. That’s why it surprises me every tax season how little people utilize Health Savings Accounts (HSAs).

Most people in the Kansas City metro know that if you work in Kansas City, MO your employer will withhold a 1% tax along with your normal withholdings.  What many people are unaware of, however, is that if you live in Kansas City, MO you owe that 1% regardless of where you work.

 

When you move to Kansas City, there is no notification that you owe the tax.  Most do-it-yourself tax programs, such as Turbo Tax, do not include the Kansas City return.  If you don’t work in the downtown area, you may be completely unaware that the tax applies to you.

 

During the fourth quarter of 2017, the federal government issued changes to the tax code. The new tax law increased the standard deduction, suspended personal exemptions, changed the tax brackets and rates, and eliminated some itemized deductions. While this meant more money in taxpayers' pockets, the situation might not seem so rosy come next April, due to changes to withholdings.

This past month Missouri joined the growing number of states that have legalized medical marijuana. This will inevitably lead to a surge of new dispensaries and other marijuana-based businesses opening in Missouri in the coming years. If you are considering open a marijuana-based business, there are some unusual tax pitfalls you need to be aware of.

In this article, we’ll share some of the highlights of the tax changes for 2018 as they relate to individuals. Use this as a type of checklist, and feel free to contact us on any point so we can provide additional details as to how it might impact your situation.

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