Archive

09Nov2017

Tax Cuts and Jobs Act – See How It Would Affect You

    Article Highlights Deductions Exemptions Tax Rates Family and Child Tax Credits Education Benefits Plug-In Electric-Vehicle Credit Alimony Home-Sale Gain Exclusion Moving Expenses Estate Taxes   This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part
  • 9 Nov, 2017
  • Jacqueline Cran
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30Oct2017

Convert Your Traditional IRA to a Roth IRA Too Soon?

  Article Highlight:  Converting Traditional IRA Funds to a Roth IRA Recharacterizations – Undoing the Conversion Benefits of Recharacterizations Recharacterization Timing When you convert a traditional IRA to a Roth IRA, you have to pay the tax on the conversion.   However, individuals frequently do this so they can take advantage of future tax-free accumulations. Distributions
  • 30 Oct, 2017
  • Jacqueline Cran
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26Oct2017

Ignoring Those IRS Notices Only Makes It Worse

Article Highlights:  IRS Informational Forms Computer Matching IRS Correspondence Procrastination Need for Professional Review Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets
  • 26 Oct, 2017
  • Jacqueline Cran
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16Oct2017

Hiring the Right Employee Can Get You a Big Tax Credit

    Article Highlights:  Potential Credit Eligible Employees Credit Determination Certification Process Other Issues If you are an employer who is willing to help disadvantaged individuals, you could benefit from a substantial federal tax credit. Hiring certain new employees can qualify you for the work opportunity tax credit (WOTC). The WOTC is typically worth up
  • 16 Oct, 2017
  • Jacqueline Cran
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12Oct2017

What is an RMD?

  Article Highlights:   Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiaries IRA-to-Charity Transfers Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does
  • 12 Oct, 2017
  • Jacqueline Cran
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09Oct2017

Natural Disaster Charity Volunteer Tax Breaks

    Article Highlights:  Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteered your time for a charity in the aftermath of a natural disaster, you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity
  • 9 Oct, 2017
  • Jacqueline Cran
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25Sep2017

Taking Advantage of Tax-Free Gifting

    Article Highlights: Lifetime exclusion Annual exclusion Medical exception Education exception Gifting techniques If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and
  • 25 Sep, 2017
  • Jacqueline Cran
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14Sep2017

Avoid Being Scammed by Fake Hurricane Charities

    Article Highlights: Fraudsters Urgent Appeals Tips to Avoid Scams & ID Theft Tax Documentation of Cash Contributions Whenever there is a disaster such as Hurricane Harvey or Hurricane Irma, the lowlifes show up and try to scam generous individuals out of money intended to go to victims of the disaster. Don’t you be
  • 14 Sep, 2017
  • Jacqueline Cran
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05Sep2017

Common Tax Issues Due to a Divorce

  Article Highlights:                                                                                                                                 Divorce Court vs. Federal Tax Law Who Claims the Kids Custodial Parent Tax Liabilities Joint and Several Liability Alimony vs. Child Support If you are in the midst of a divorce, if one is on the horizon, or if you are involved in a dispute with an ex-spouse over the terms
  • 5 Sep, 2017
  • Jacqueline Cran
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31Aug2017

Tips for Recently Married Taxpayers

    Article Highlights: Social Security Administration IRS Notification USPS Notification Withholding & Estimated Payments Revising W-4s Insurance Marketplace Filing Status New Spouse’s Past Liabilities Capital Loss Limitations Spousal IRA Deductions Impact on Parents’ Returns   Now that the honeymoon is over, there is a number of tax and financial issues newlyweds need to consider
  • 31 Aug, 2017
  • Jacqueline Cran
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