Archive

28Sep2015

October Extension Due Date Rapidly Approaching

  Article Highlights: October 15 is the extended due date for filing 2014 federal individual tax returns. Late-filing penalty for individual federal returns is 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. A

22Sep2015

Tax Tips for Disabled Taxpayers

Article Highlight: Increased Standard Deduction Tax Exempt Income Impairment-Related Work Expenses Earned Income Tax Credit Credit for the Elderly or Disabled Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and benefits.  Parents of children with disabilities may also

14Sep2015

Don’t Forget Your Retirement!

Article Highlights: Simplified Employee Pension Plans (SEP) Qualified Plan (Keogh) Savings Incentive Match Plan for Employees (SIMPLE Plan) Individual 401(k) Plan Small Employer Pension Startup Credit Even though retirement may be years away, and it may not be the most pressing issue on your mind these days, don’t forget your retirement contributions, especially with generous

10Sep2015

Avoiding IRS Underpayment Penalties

Article Highlights: Pay-as-you-go System Safe Harbor Payments Situations Triggering Underpayments True Safe Harbors Congress considers our tax system as a “pay-as-you-go” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement. These include: Payroll withholding for employers;  Pension withholding for retirees; and Estimated tax payments for