Archive

30Apr2014

Selling Your Home? Tax and Other Considerations

The prime residential real estate selling season is in full swing — and 2014 might be a good time to sell, depending on your situation. So, while prospective sellers are making their properties look like model homes in the hopes of raking in a nice profit, this is a good time to review how taxes will factor
  • 30 Apr, 2014
  • Haley Spain
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28Apr2014

Changes in Circumstances Can Affect Your Premium Assistance Credit

  Article Highlights: Premium assistance credit based on actual family income and size. Overestimated assistance may have to be paid back. How family size is determined. How family income is determined. If you are signed up for health insurance through a health insurance marketplace, you may have qualified for the premium assistance tax credit. This
  • 28 Apr, 2014
  • Haley Spain
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22Apr2014

Remember to Make Minimum IRA Withdrawals

The IRS can charge a penalty tax of up to 50 percent if you don’t take a minimum distribution from your IRA account by April 1 of the year after the year you turn age 70 1/2. In other words, if you turn 70 1/2 in 2012, you need to take the required minimum distribution
  • 22 Apr, 2014
  • Haley Spain
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14Apr2014

Individual Estimated Tax Payments for 2014 Start Soon

Article Highlights: Pay-as-you-go tax system Tax law changes affecting estimates Underpayment penalties Safe harbor estimates Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement.
  • 14 Apr, 2014
  • Haley Spain
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11Apr2014

Last Minute Payments and Filing Tips

Article Highlights: Filing an extension Extension is for filing, not paying any tax due Installment Agreements If you are up against the April deadline and still need some information to complete your tax return, you can obtain a six-month automatic time extension to file your 1040. The filing extension will give you extra time to
  • 11 Apr, 2014
  • Haley Spain
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09Apr2014

Counting Down to April 15: Last-Minute Tips

Attention all procrastinators: The due date for filing your personal tax return is Tuesday, April 15. Small business owners, self-employed individuals and anyone who owes the IRS money is likely to wait until the last minute to file. But haste might lead to omitted income, transposed Social Security numbers and overlooked tax credits. Here are some last-minute
  • 9 Apr, 2014
  • Haley Spain
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07Apr2014

Cant Pay Your Taxes by the April Due Date?

Article Highlights: Unpaid tax liabilities are subject to substantial interest and penalties. Options for coming up with the money to pay your taxes. Making installment agreements with the IRS. The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up
  • 7 Apr, 2014
  • Haley Spain
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03Apr2014

Tax Filing Deadline Rapidly Approaching

  Highlights: 2013 balance due payments IRA Contributions for 2013 Estimated tax payments for first quarter 2014 Statute of limitation 2010 refunds Just a reminder that the due date for 2013 tax returns is April 15, 2014! There is no penalty for filing late if you are receiving a refund. However, it is quite a
  • 3 Apr, 2014
  • Haley Spain
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03Apr2014

What’s So Great about CPAs?

You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals. The answer in short: A lot. We typically begin our careers with years of college and graduate education. To become licensed,we must take the demanding Uniform CPA Examination, which tests
  • 3 Apr, 2014
  • Haley Spain
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02Apr2014

Supreme Court Ruling Spotlights Severance Pay

On March 25, the U.S. Supreme Court ruled in favor of the IRS in a case against a now-defunct employer, Quality Stores. At issue was the question of whether severance pay for laid off workers was subject to Social Security and Medicare taxes under the Federal Contributions Act (FICA). The employer paid the tax when
  • 2 Apr, 2014
  • Haley Spain
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