Archive

24May2017

Tempted to Tap Into Your Retirement Savings? Read This First

    Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you are looking for cash for a specific purpose, your retirement savings may be a tempting source. However, if you are under age 59½ and plan to withdraw money from a traditional IRA or qualified retirement account, you will
  • 24 May, 2017
  • Jacqueline Cran
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22May2017

Big Tax Breaks for Adoptive Parents

    Article Highlights: Qualifying Adoptions Credit Amount Credit Carryover Qualifying Expenses High-Income Credit Phase-out Employer Adoption-Assistance Program If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income-tax credit. The amount of the credit is based on any expenses incurred that are directly related to
  • 22 May, 2017
  • Jacqueline Cran
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19May2017

Who Controls the Funds in a Section 529 Plan?

  Article Highlights: Qualified Tuition Accounts Custodial Accounts Who Can Contribute? Who Controls the Account? Changing the Account Beneficiary This question frequently arises: Who controls the funds held in a Section 529 qualified tuition account? These accounts can become quite large, as they are limited only by the projected cost of a college education, and
  • 19 May, 2017
  • Jacqueline Cran
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11May2017

Consequences of Filing Married Separate

    Article Highlights:   Joint & Several Liability Exemptions Itemizing Deductions Social Security Income Section 179 Deduction Special Passive Loss Allowance Traditional IRA Deduction Phase-Out Roth IRA Contribution Phase-Out Coverdell Education Accounts Education Tax Credits Higher Education Interest Education Exclusion for U.S. Savings Bond Interest Premium Tax Credit Earned Income Tax Credit Child Care
  • 11 May, 2017
  • Jacqueline Cran
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08May2017

Naming Your IRA Beneficiary

  Article Highlights: How Naming Beneficiaries Impacts Traditional IRA Distributions The Impact of Naming Your Trust as a Beneficiary IRA Beneficiary Taxation The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects: The minimum amounts you must withdraw from the IRA when you reach
  • 8 May, 2017
  • Jacqueline Cran
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01May2017

May 2017 Tax Due Dates

    May 2017 Individual Due Dates   May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required
  • 1 May, 2017
  • Jacqueline Cran
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