Monthly Archives: January 2015

//January

Don’t Be Scammed

Scammers disguise e-mails to look legitimate. Legitimate businesses and the IRS never request sensitive personal and financial information by e-mail. Don’t become a victim. Stop – Think - Delete While you are thinking about the start of the football season, your children’s soccer games, and the no- too-distant holiday season, the scammers are out there [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Don’t Be Scammed

Do you owe the IRS money?

While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: Get a Loan to Pay the [...]

By |2016-01-21T00:01:20+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Do you owe the IRS money?

Did You Take Your Required Minimum Distribution for 2013?

In the year you reach 70½, you become subject to the required minimum IRA distribution rules. Failure to take the required minimum distribution can result in a 50% penalty. The penalty can be waived under certain circumstances. IRA-to-charity transfers are possible in 2013. The IRS does not allow IRA owners to indefinitely keep funds in [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Did You Take Your Required Minimum Distribution for 2013?

Congress Puts Lid On Health Flexible Spending Arrangements

As part of the Patient Protection and Affordable Care Act (new health care law), employee contributions to health flexible spending arrangements (health FSA) are now being limited to a maximum pre-tax contribution of $2,500. Employers are able to establish what is referred to as cafeteria plans for their employees. These arrangements allow employees to allocate [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Congress Puts Lid On Health Flexible Spending Arrangements

Child Care Credit Available to Student-Parents

If your family is among the many families that incur child care expenses so that a parent can attend school, you may be eligible for a child care tax credit. Generally, the child care credit is only available to couples where both parents work, but a special provision of the tax law permits married parents [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Child Care Credit Available to Student-Parents

Can You Take a Home Office Deduction?

If you run your small business out of your home, you may want to “write off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the rent, purchase, maintenance and repair of a personal residence are not deductible. However, if you use part [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Can You Take a Home Office Deduction?

Borrowing Money to Finance an Education?

College is just around the corner for many, and paying for tuition and college expenses may require borrowing money. If you are in this situation, here are some tax implications to consider before taking out a loan. There are two possible types of loans that can generate a tax deduction for the interest paid: home [...]

By |2016-01-21T00:01:20+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Borrowing Money to Finance an Education?

Beware of Trust Fund Penalties

The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that failed to pay a required tax on behalf of its employees. For example, employers withhold income taxes and FICA payroll taxes from employees’ wages. These funds actually belong to the government and are [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Beware of Trust Fund Penalties

Better to Sell or Trade a Business Vehicle?

When replacing a business vehicle, it does make a difference for tax purposes whether you decide to sell it or trade it for the replacement vehicle.  If you sell a vehicle that was used for business, the resulting gain or loss is reported on your tax return.  As a result, it is generally better to [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Better to Sell or Trade a Business Vehicle?

Back-to-School Tax Tips for Students and Parents

Sec. 529 plans allow very large sums of money to be put away for a child’s college education with the earnings accumulating as tax-deferred and tax-free, if used for qualified college education expenses. Coverdell Education Savings Accounts allow $2,000 a year to be set aside for a child’s education. Earnings are tax-deferred and tax-free if [...]

By |2016-11-23T22:45:42+00:00January 27th, 2015|Categories: Uncategorized|Comments Off on Back-to-School Tax Tips for Students and Parents