Yearly Archives: 2015

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All You Need to Know about the New Tax Extender Legislation

Congress has reached a bipartisan agreement on tax extenders, aptly named “Protecting Americans from Tax Hikes Act of 2015”. Much to everyone’s surprise, some were made permanent while others were only extended for a period of time. Congress also modified several provisions and added new ones to reduce tax fraud. Here is a look at [...]

By | 2016-11-23T22:45:41+00:00 December 31st, 2015|Categories: Uncategorized|Comments Off on All You Need to Know about the New Tax Extender Legislation

Don’t Be a Victim to IRS Phone and E-Mail Scams

Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data that allow them to scam the IRS and [...]

By | 2016-11-23T22:45:41+00:00 December 28th, 2015|Categories: Uncategorized|Comments Off on Don’t Be a Victim to IRS Phone and E-Mail Scams

Holiday Charity Donation Tips

Article Highlights: Long-Form Itemization Required Qualified Charities Only Cash Donations Non-cash Donations Year-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return and advice for how not to be scammed by criminals [...]

By | 2016-11-23T22:45:41+00:00 December 24th, 2015|Categories: Uncategorized|Comments Off on Holiday Charity Donation Tips

Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?

  Article Highlights: Conversion Timing Why Convert? When to Convert? Undoing A Conversion Issues to Consider Before Making the Decision The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. To make a conversion, you must pay income [...]

By | 2016-01-21T00:00:26+00:00 December 21st, 2015|Categories: Uncategorized|Comments Off on Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?

President signed extender bill (12-18-15)

The President has signed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Below is more information on the Act's provisions. Made permanent: Enhanced Child Tax Credit Enhanced American Opportunity Tax Credit Enhanced Earned Income Tax Credit Above-the-line educator deduction Sales tax deduction Enhanced mass transit and parking pass benefits IRA-to-charity — California automatically [...]

By | 2016-01-21T00:00:26+00:00 December 19th, 2015|Categories: Uncategorized|Comments Off on President signed extender bill (12-18-15)

Financial Planning Tips: S-Corp and Self Employment, Dealing with Divorce

Coastal Tax Advisors featured on wsRadio Dave Morgan, CPA and co-founder of Coastal Tax Advisors, shares ways to lower your tax burden when self-employed while boosting your retirement nest egg. He also discusses how shifting from a sole proprietorship to an S-Corporation can significantly reduce the amount of tax you pay. Dave also discusses how [...]

By | 2016-01-21T00:00:27+00:00 August 6th, 2015|Categories: Divorce Planning, Financial Planning|Tags: , |Comments Off on Financial Planning Tips: S-Corp and Self Employment, Dealing with Divorce

Get Credit for Generating Your Own Home Power

Through 2016, taxpayers can get a 30% tax credit on their federal tax returns for installing certain power-generating systems in their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer’s current tax liability, but any excess can be carried forward to offset tax through 2016. Systems that qualify [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Get Credit for Generating Your Own Home Power

“Flipping” Homes – A Reviving Trend in Real Estate

Prior to the recent economic downturn, flipping real estate was popular.  With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time.  [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on “Flipping” Homes – A Reviving Trend in Real Estate

Fiscal Cliff Legislation

Congress passed legislation, which President Obama indicated he would sign, to avoid the fiscal cliff. The legislation would allow tax rates to rise on the nation's highest earners while also extending dozens of tax cuts for individuals and businesses. Specifically, the bill: Raises the top tax rate to 39.6% for married couples earning $450,000; single [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Fiscal Cliff Legislation

Find Lost Money

Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed [...]

By | 2016-11-23T22:45:41+00:00 January 27th, 2015|Categories: Uncategorized|Comments Off on Find Lost Money