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There’s Still Time to Fund Your IRA

There’s Still Time to Fund Your IRA Looking for a last minute way to reduce last year’s taxable income? Consider funding a Traditional IRA or Roth IRA. Here is what you need to know Remember that you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2016 tax year. The annual maximum contribution amount is $5,500 or $6,500 if …Read More

Reminder. 4th Quarter Estimated Taxes are Now Due – Now is the time to make your estimated tax payment

Reminder. 4th Quarter Estimated Taxes are Now Due – Now is the time to make your estimated tax payment Plan now to make your 4th quarter estimated tax payment 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 fourth quarter due date is now here. Normal due date: Tuesday, January 17, 2017 …Read More

Tips to Organize Your Tax Records – Creating order out of chaos

Tips to Organize Your Tax Records – Creating order out of chaos Looking for some ideas to make filing your taxes less cumbersome? Here are some tips As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. 1. Keep it all in one place. It seems obvious, but how often have you found yourself going …Read More

The IRS Grilling – IRS applies more scrutiny to child-related tax credits

The IRS Grilling – IRS applies more scrutiny to child-related tax credits Get ready to answer additional questions this year if you claim some tax credits related to children and college costs Get ready to answer additional questions this year if you claim some tax credits related to children and college costs. You may already be familiar with the additional questions and documentation required when you use the Earned Income …Read More

2017 Mileage Rates – New mileage rates announced by the IRS

2017 Mileage Rates – New mileage rates announced by the IRS Here are the standard mileage rates for 2017 2017 Mileage Rates The IRS recently announced mileage rates to be used for travel in 2017. The Business mileage rate decreases by 0.5 cents while Medical and Moving mileage rates are lowered by 2 cents. Charitable mileage rates are unchanged. 2017 New Mileage Rates Standard Mileage Rates Mileage Rate/Mile Business Travel …Read More

Research Your Preferred Charities

Research Your Preferred Charities Often during an audit, what you thought was a qualified deduction to a charitable organization is ruled non-deductable Research Your Preferred Charities November and December seem to be the months we are rained upon with charitable organization solicitations. Some of the groups, such as the American Red Cross, the Salvation Army, United Way, and the American Cancer Society are household names. Others are less known. Here …Read More

Those Darn Kids – The risk of having kids file their own tax returns

Those Darn Kids – The risk of having kids file their own tax returns One of the worst surprises you can have at tax time is discovering a dependent files their own tax return. It can create a tax filing mess. Here’s why Those Darn Kids  If you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How …Read More

Senior Gift Giving Tips – Make your year-end gifts tax efficient

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

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

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