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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27Apr2017

Deducting Convention Expenses

    Article Highlights:   Trade or Business Requirement North American Area Travel Travel Outside the North American Area Expense Limitations Outside of the North American Area Cruise Ships Generally, an individual can deduct travel expenses from attending conventions, seminars or similar types of meetings within the North American area, provided that attendance benefits the
  • 27 Apr, 2017
  • Jacqueline Cran
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23Feb2017

Maximizing Your Affordable Care Act Insurance Supplement

    Article Highlight:  Financial Assistance for Health Insurance Federal Poverty Level Modified Adjusted Gross Income Household Income Gambling Income Children’s Income Hobby Income IRA Contributions If you are getting your health insurance through a government Marketplace, you should be aware of several issues that can adversely affect the amount of financial assistance you receive
  • 23 Feb, 2017
  • Jacqueline Cran
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20Feb2017

Do I Have to File a Tax Return?

    Article Highlights: When You Are Required to File Self-Employed Taxpayers Filing Thresholds Benefits of Filing Even When Not Required to File Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider
  • 20 Feb, 2017
  • Jacqueline Cran
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16Feb2017

IRS Clamps Down on Tax Credits

    Article Highlights: Affected Credits Retroactive Claims Disallowance Periods for Improper Credit Claims Preparer Due-Diligence Requirements 1098-T Requirement to Claim Education Credits Refunds from AOTC and CTC Returns Will Be Purposely Delayed In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take
  • 16 Feb, 2017
  • Jacqueline Cran
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