Time for Baby Boomers to Pay Up Article Highlights: • Required Minimum Distribution (RMD) • Distribution Period • Penalty for Not Taking an RMD • Multiple Accounts • Non-Taxable Amounts • Roth Conversions • Effect on Other Income & Deductions Once RMDs Start • Additional Withholding or Estimated Tax • Charitable Option All you baby [...]
Thinking of Converting Your Home to a Rental? Better Read this First Article Highlights: • Home Gain Exclusion • Converting Homes that Have Declined in Value • Converted Basis • Passive Loss Limitations If you are considering converting your home to a rental, there are a number of tax issues you need to consider before [...]
Who Claims the Kids? You or Your Ex-Spouse? Article Highlights: • Custodial Parent • Dependency (Exemption) Release • Joint Custody • Tiebreaker Rules • Child's Exemption • Head of Household Filing Status • Tuition Credit • Child Care Credit • Child Tax Credit • Affordable Care Act • Earned Income Tax Credit If you are [...]
Don’t Be Left Holding the Tax Bag Article Highlights: • Paying Independent Contractors • 1099-MISC Reporting Threshold • Form W-9 Benefits • Penalties • Due Date If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC after the close [...]
Seniors Beware, Affordable Care Act Will Be Cutting Your Medical Deductions Article Highlights: Seniors and Medical Deductions AGI Limitations in 2017 Taking Advantage in 2016 When an individual itemizes deductions, one of those deductions is the cost of medical and dental expenses, including health insurance premiums. However, the medical expense deduction has been historically limited [...]
