appy tax filing month! To help celebrate, this month’s newsletter includes a tax quiz exploring the history of taxation in the United States. Also included is a reminder to help your favorite charitable organizations retain their nonprofit status, a simple four-step household budget building process and a reminder of some popular tax breaks that are…
Author: Curt
THERE’S STILL TIME to complete your return by April 15th. All information needed to prepare returns should be received in this office no later than March 21, 2017. If we receive initial or additional information after this date, we will make every effort to complete your return(s) without an extension. Priority service will be given…
When Converting to a Roth Makes Sense Virtually anyone with a qualified retirement savings account can convert funds into a Roth IRA. A Roth is different from other retirement accounts in that contributions come from after-tax dollars, while earnings are tax-free. The question for taxpayers with funds in tax-deferred Traditional IRAs, SEP-IRAs, 401(k)s, and 403(b)s…
Know Your Audit Risk Nearly every taxpayer can imagine a worst-case scenario where they run afoul of the IRS and are selected for an audit. Here are a few areas that tend to get unwanted audit attention and ideas to help you stay prepared. Your audit risk is (probably) low. The first thing to remember…
Private Agencies to Start Collecting for IRS In late 2015 Congress required the IRS to turn over uncollected taxes it is no longer pursuing to outside collection agencies. The agencies are now selected and in early 2017 they will begin their collection efforts. This will impact all of us. Here is what you need to…
Last Year’s Tax Bill Makes This Year’s Opportunity For the first time in many years, it looks like a last minute tax law change will not upset your ability to fulfill a well thought out tax plan. In addition to making last minute moves to reduce your tax obligation, consider some opportunities to take advantage…
Year-End Tax Planning As the end of the year approaches, there is still time to make moves to manage your tax liability. Here are some ideas to consider. Maximize your retirement plan contributions. This includes traditional IRAs, Roth IRAs, and SEP IRAs for self-employed. Given the contribution limits in 2017 are not increasing, now is…
College Aid Financial Package (FAFSA) Timing Annual FAFSA filing availability is now If you have a child in college or entering college during the next school year, you need to read this. The time to apply for federal financial aid is now. The Free Application for Federal Student Aid (FAFSA) is now available for the…
Want to Deduct an Event Ticket? As an employee, can you ever deduct the cost of a sporting event or other ticket on your expense report? Surprisingly, the answer can be yes, but only if you know and abide by the rules. The accountable plan If your employer uses accountable plan rules for reimbursing expenses,…
2017 Social Security Wage Base The Social Security Administration (SSA) released updated information about payroll taxes on Tuesday, October 18, 2016. Individuals earning above $118,500 in wages should expect to have more money taken out in payroll taxes in 2017. For 2017, up to $127,200 of wages will be taxable for social security. This…