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 [...]
Members of the U.S. Armed Forces reserve component often have questions about the tax deductibility of expenses they incur as part of their service in a reserve unit. For businesses that cater to military personnel, they can market their intentions to those serving/not serving so they can get discounts on other products, by using marketing [...]
Start Planning Now for 2014 Income Taxes You may not have even completed your 2013 taxes yet. But now is an ideal time to start getting ready for your 2014 returns. If this is not something that appeals to you, it might be time to find out more about accounting services and having an accountant [...]
If you are a grandparent there are a number of things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift tax rules. You can give anyone, every year, an amount up [...]
