Avoid the 50% Penalty! – Understanding Required Minimum Distribution (RMD) Rules
Each year select clients must withdraw minimim amounts from their qualified retirement plans. If you don’t the penalty is a severe 50% in addition to paying regular income tax on the withdrawal. Don’t let this happen to you. Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know. Who is subject to Required Minimum Distribution (RMD) rules? Anyone who participates in a qualified retirement plan like IRAs (traditional, SEP, SARSEP,
Does Your Mileage Log Travel the Distance?
What you need to know to ensure your allowable business, charitable and medical miles are not dismissed during an audit. The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit this is an often disallowed deduction, despite the fact that you actually drove the distance claimed. How to make sure this doesn’t happen to you? Here are some tips. Keep a log. The tax code is clear on this point. You may not estimate your miles driven.
Who Pays What?
With all the chatter about who is paying what in federal income taxes, wouldn’t it be nice to know what the IRS statistics say they collect? Here are the facts. In a continuing effort to provide information as we listen to the budget and debt debates out of Washington D.C., outlined here are some IRS statistics on who pays individual income taxes. The information provided here is the most current available information. Income % of Income Share of Income Tax Paid Average Tax Rate Top 1% 18.9% 37.4% 23.4% Top 5% 33.8% 59.1% 20.6% Top 10% 45.2% 70.6% 18.5% Top
Press Release FOR IMMEDIATE RELEASE Hallmark CPA Group LLC Receives 2013 Best of Tampa Award U.S. Commerce Association’s Award Plaque Honors the Achievement NEW YORK, NY, May 31, 2013 — For the third consecutive year, Hallmark CPA Group LLC has been selected for the 2013 Best of Tampa Award in the Certified Public Accountants category by the U.S. Commerce Association (USCA). The USCA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local
So You’re Thinking about Starting a Business? – Tax complexities can be confusing
Starting a new business is full of risk and hard work. Often the most complex part of the process is making sure all of the forms and reports are filed on time. Here are some ideas to make this part of your business run a little more smoothly. Creating and running a small business in America can be a lot of hard work. It can also be rewarding. Unfortunately, doing the tax part of this correctly can be a real head-ache. Here are some tips. Other reporting may be required depending on your type of business and your state and