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30Oct2014

November Due Dates

November 2014 Individual Due Dates   November 10 – Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold
  • 30 Oct, 2014
  • Haley Spain
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29Oct2014

Affordable Care Act (ACA) Adds New Levels of Complexity to Tax Returns

Article Highlights: New tax return complexities caused by ACA Penalty for not being insured Premium assistance credit Insurance marketplace subsidies and possible repayments New 1095 series reporting forms The Affordable Care Act (ACA) – insurance mandate, along with its health insurance premium subsidies available from insurance marketplaces, premium tax credit (PTC), and penalty for not
  • 29 Oct, 2014
  • Haley Spain
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28Oct2014

When Can You Dump Old Tax Records?

Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the
  • 28 Oct, 2014
  • Haley Spain
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23Oct2014

Still Time to Act to Avoid Surprises at Tax-Time

Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect.  Here are some actions you can take to bring the taxes you pay in
  • 23 Oct, 2014
  • Haley Spain
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23Oct2014

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015.  Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.  However, other limitations will
  • 23 Oct, 2014
  • Haley Spain
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21Oct2014

Award Points: What’s Includable in Taxable Income?

In its attempts to narrow the “tax gap” between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of an airline ticket received by redeeming “thank you” award points should be included in gross income,
  • 21 Oct, 2014
  • Haley Spain
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16Oct2014

Tax Breaks for Charity Volunteers

Article Highlights: Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing
  • 16 Oct, 2014
  • Haley Spain
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13Oct2014

Answers to Your Questions About Wage Garnishment

More than one in ten working Americans between the ages of 35 and 44 had their wages garnished in 2013, according to a recent study performed by payroll service company ADP. Many people associate wage garnishment with “deadbeat dads” who owe spousal and child support. But ADP’s study found that many debtors were delinquent on taxes,
  • 13 Oct, 2014
  • Haley Spain
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10Oct2014

Health Savings Accounts Offer Tax Breaks

Article Highlights: Health Saving Accounts Tax Breaks Eligibility Contribution Limits Example A health savings account (HSA) is a trust account into which tax-deductible contributions can be deposited by qualified taxpayers who have high-deductible medical insurance plans. These accounts are set up at a bank or other financial institution. Income earned on the HSA balance is income
  • 10 Oct, 2014
  • Haley Spain
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09Oct2014

Tax Benefits for Grandchildren

Article Highlights:  Financially assisting grandchildren College savings Education savings Retirement accounts Medical expenses If you are a grandparent there are a number of things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand
  • 9 Oct, 2014
  • Haley Spain
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