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Age (not death!) and Taxes – Age does matter, when it comes to tax obligations
Age (not death!) and Taxes – Age does matter, when it comes to tax obligations The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
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A Tip on Tip Reporting
A Tip on Tip Reporting If you are starting a job with tips involved, you will want to read this. If you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions: Think 1 2 3 Proper tip reporting has three components. Keeping a daily tip record Reporting your tips to your employer Recording your tips on your income tax return Recording tip activity Per the
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2015 Health Savings Account Limits
2015 Health Savings Account Limits The ever-popular Health Savings Accounts (HSA) limits are set for 2015. The new limits increase the amounts you can save and pay for qualified medical expenses with pre-tax dollars. The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2015. The new limits are outlined here with current year amounts noted for comparison purposes. What is an HSA? An HSA is a tax advantaged savings account to pay for qualified health care costs. The contributions are made on a pre-tax basis. There is no tax on the funds contributed, the interest
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Reminder: 2nd Quarter Estimated Taxes Due
Reminder: 2nd Quarter Estimated Taxes Due If you have not already done so, remember to have your 2nd quarter federal tax payment submitted prior to June 15th. Since the 15th lands on a Sunday in 2014, the actual filing due date is June 16th. If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Normal due date: June 15th (2014: Due date is Monday the 16th since the 15th falls on a weekend) Remember you are
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