Archive

26Oct2015

Tax Benefits for Individuals with Disabilities

Article Highlights: Able Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services The code includes a number of benefits for individuals with disabilities, but you can’t take advantage of these benefits unless you know about them and understand how they might benefit you and your special circumstances.  Many of

• 26 Oct, 2015
• Jacqueline Cran
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23Oct2015

Does Uncle Sam Have a Birthday Gift for You?

Article Highlights:  Definition of Birthday Exemption Allowances Child-based Credits Earned Income Credit Retirement Plan Distributions Social Security Taxation Tax Benefits for Seniors For your birthday this year, you may have received a special gift from a loved one or favorite friend. Depending on the number of candles on this year’s birthday cake, you may also

• 23 Oct, 2015
• Jacqueline Cran
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20Oct2015

Are Charity Auction Purchases Deductible Contributions?

Article Highlights:   Purchase of Items At Charity Auction Auction Donor Appreciated Property Fair Market Value (FMV) Unrelated Use It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The question often arises whether the money spent on the items purchased constitutes a charitable donation. The answer

• 20 Oct, 2015
• Jacqueline Cran
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15Oct2015

Retirement Plan Distribution Pitfalls

  Article Highlights:  Distribution Hazards Trustee-to-Trustee Transfers Rollovers Taxability Withholding Requirements Early Withdrawal Penalty When an individual retires or leaves an employer’s service, the individual will be required to take a distribution from the employer’s retirement plan (if the employer had a plan). Depending on the employee’s age and the plan’s terms, a distribution may

• 15 Oct, 2015
• Jacqueline Cran
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12Oct2015

Only One IRA Rollover Every 12 Months

    Article Highlights:  One rollover per 12-month period Tax consequences Difference between a rollover and a transfer Relief This is a reminder that, beginning this year, individuals are only allowed one IRA rollover in any 12-month period (this includes SEP and Simple accounts, traditional and Roth IRAs). That is, 12 months must have elapsed from

• 12 Oct, 2015
• Jacqueline Cran
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08Oct2015

Gifting Money or Property Can Have Serious Tax Consequences

  Article Highlights: Gift and Inheritance Tax Lifetime Exclusion Annual Exclusion Gift and Inheritance Basis Issues Additional Tuition & Medical Exclusion Gift and inheritance taxes were created long ago to prevent an individual’s assets from being passed on to future generations free of tax. Congress has frequently tinkered with these taxes, and currently the gift

• 8 Oct, 2015
• Jacqueline Cran
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05Oct2015

Sole Proprietorship – Is It Worth The Risk?

    Article Highlights: Reporting Sole Proprietorships On Your 1040 Business Checking Account Local Business Licenses Resale Permits & Payroll Reporting Personal Liability If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on

• 5 Oct, 2015
• Jacqueline Cran
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01Oct2015

October 2015 Due Dates

    October 2015 Individual Due Dates October 13 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 13. Your employer is required to

• 1 Oct, 2015
• Jacqueline Cran
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