Article Highlights: Actions you can still take to reduce your 2013 tax bite Actions must be completed before the end of 2013 Deductible expenses paid by credit card are deductible in the year charged We would like to remind you that the last day you may make a tax deductible purchase, pay a tax deductible [...]
The IRS has new penalty relief for the unemployed and certain self-employed individuals on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill. To assist those most in need, a six-month grace period on failure-to-pay penalties will be made available to certain wage earners and self-employed [...]
An individual may begin withdrawing, without penalty, from his or her qualified pension plans and Traditional IRAs at the age of 59½. There are several exceptions that will allow earlier withdrawal without penalty. Upon reaching age 70½, you are required to take distributions from your plans or face a substantial penalty for failing to do [...]
The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or your children are being educated. Education Financing: A major planning issue is how to finance your children’s college education. Those with substantial savings simply pay the expenses as they go, while some parents, sometimes with [...]
If you own a home in a vacation locale – whether it is your primary residence or a vacation home – and are considering renting it out to others, there are complicated tax rules, referred to as the "vacation home rental rules," that you need to be aware of. Luckily there are estate property services, [...]
Form W-4 is used to establish payroll-withholding amounts. Incorrectly completed W-4s can result in under-withholding and unexpected year-end tax liability. The IRS’s W-4 calculator is only suitable for simple returns. Commonly encountered problems in getting the W-4 completed to establish the proper amount of withholding. This time of year, many employers will request updated W-4 [...]
Individuals can exclude up to $250,000 ($500,000 for a married couple filing jointly) of gain from the sale of their primary residence. Generally, to qualify for the exclusion, the home must have been owned and used as a primary residence for two of the prior five years. Reduced exclusions apply in certain circumstances where the [...]
September 2014 Individual Due Dates September 1 - 2014 Fall and 2015 Tax Planning September 2014 Individual Due Dates Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report [...]
September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA taxes and income tax withholding [...]
For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag [...]
