Senior Gift Giving Tips – Make your year-end gifts tax efficient When a tax year winds down, seniors with funds make donation and gift moves as part of estate management. Being tax-efficient with your moves makes sense. Here are some ideas. Senior Gift Giving Tips One of the potential benefits of your retirement years is having funds available to help others work through the challenges of life. As you consider …Read More
Avoiding the 10% IRA Early Withdrawal Penalty – What every Traditional IRA owner should know While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs Avoiding the 10% IRA Early Withdrawal Penalty It …Read More
Sharing Economy Now in IRS Spotlight – 40% are unaware of their tax responsibilities UBER – A vast number of workers taking part in the new Shared Economy are making numerous tax mistakes. So whether you or someone you know is driving for Uber or renting out their home for income, there is now help to navigate this confusing landscape. Sharing Economy Now in IRS Spotlight 40% of the workers …Read More
Understanding Tax Terms: Unearned Income – Not all income is the same in the eyes of the tax code What’s in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know Understanding Tax Terms: Unearned Income The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is …Read More
Still Time to Make These Tax-Saving Moves – Action you can take before time runs out Five last-minute tax savings ideas Still Time to Make These Tax-Saving Moves Here are five tax saving ideas that can be used by most taxpayers. But act soon, there are only a few months until our tax year comes to an end. 1 Make a late-year charitable donation. Even better, make the donation with …Read More
2017 Social Security Changes Announced The Social Security Administration recently announced their 2017 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know 2017 Social Security Changes Announced The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase slightly in 2017. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2016. On the other …Read More
To Amend or Not Amend? – Is it always a good idea to amend your tax return? Oops. You find an error or omission on last year’s tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider. To Amend or Not Amend? There’s usually an element of relief after your annual tax return has been filed. …Read More
Key Tax Filing Date Changes 2016 tax return filing deadlines are changing for some. If you have foreign bank accounts, expect to receive a Form K-1 from a partnership or LLC, or participate within a C-corporation you will need to know this information Key Tax Filing Date Changes There are new tax filing deadlines effective for 2016 tax returns. Here are the major changes worth noting. Small Business Partnership and …Read More
Tax Savings for Non-Itemizers – Can’t itemize? There are still tax breaks for you If you own a home you probably itemize your deductions on your tax return. But what if you are a Non-itemizer? Can someone using the standard deduction still get a tax break? Tax Savings for Non-Itemizers A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you …Read More
File that Tax Return! – October extension deadline fast approaching The Form 1040 extension filing deadline is fast approaching. If you have not already done so, please consider filing your 2015 tax return in the next few weeks. File that Tax Return! Monday, October 17th marks the extension deadline for filing your 2015 Form 1040 Tax return. While most taxpayers have this event in the rearview mirror, if you have …Read More