Top Four Year-End IRA Reminders
Info courtesy of IRS Top Four Year-End IRA Reminders Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one [...]
Review gains and losses now to see if action by Dec. 31 can save 2014 taxes
Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and [...]
Buying a business vehicle before year end may reduce your 2014 tax bill
If you’re looking to reduce your 2014 tax bill, you may want to consider purchasing a business vehicle before year end. Business-related purchases of new or used vehicles may be [...]
Report Changes in Circumstances to the Marketplace
Information found on IRS.gov If you enrolled in insurance coverage via the Health Insurance Marketplace, you must report changes to the Marketplace, such as changes to your household income or family size. Changes may [...]
Changes for Retirement Plan Dollar Limits for 2015
Information courtesy of IRS IRS has announced the 2015 cost-of-living adjustments (COLAs) for retirement plans. Many of the limits pertaining to pension and other retirement plans, which are adjusted by [...]
How higher-bracket taxpayers can take advantage of the 0% long-term capital gains rate
The long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on the taxpayer’s ordinary-income rate. If you have loved ones in the [...]
Assets or Investments?
Assets or investments...Do you take your cost basis into account when you sell an asset or investment? Your cost basis, or the amount you originally paid for it, is subtracted [...]
Will Congress Revive Expired Tax Breaks for 2014?
With the midterm elections now behind us and control of the U.S. Senate set to shift parties in January, it’s time to revisit the valuable tax breaks that expired at [...]
Various Tax Benefits Increase Due to Inflation Adjustments in 2015
Information courtesy of IRS The Internal Revenue Service announced on October 30, 2014 annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other [...]
Timing business income and expenses to your tax advantage
Typically, it’s better to defer tax. Here are two timing strategies that can help businesses do this: Defer income to next year. If your business uses the cash method of [...]
MANY RETIREMENT PLAN DOLLAR LIMITS ARE CHANGED FOR 2015
The IRS has announced the 2015 cost-of-living adjustments (COLAs) for retirement plans. Many of the limits pertaining to pension and other retirement plans, which are adjusted by reference to Code [...]
Be aware of Identity Theft
Information courtesy of IRS Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS. [...]
AMT triggers could boost your tax bill if you’re not careful
A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and in some cases permanently reduce — your taxes. But there [...]
Self-employed? Save more by setting up your own retirement plan
If you’re self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. For example, [...]
Small Employers Should Check Out the Health Care Tax Credit
Information Courtesy of the IRS New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can [...]