Mid-Year Tax Planning When your circumstances change, your tax situation may also change. If you’ve had (or are expecting) any life changes, such as a change in marital status, buying or selling a house, having a baby or changing jobs, please contact me so we can avoid any unpleasant surprises come tax season. Deducting […]
Quick Numbers For 2017, the annual gift tax exclusion is $14,000 to each person; the gift tax exemption amount is $5,490,000. The eligible expenses for the child and dependent care credit is capped at $3,000 for one child and $6,000 for two or more children. For 2017, the maximum wage amount subject to social […]
If you converted a traditional IRA to a Roth IRA in 2015 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (re-characterize) your conversion. You have until October 17, 2016, to undo your 2015 conversion.* A re-characterization can help you avoid paying income tax on IRA […]
Each year, people fall prey to tax scams. That’s why the IRS sends a list of its annual “Dirty Dozen.” Stay safe and be informed – don’t become a victim. If you get involved in illegal tax scams, you can lose money or face stiff penalties, interest and even criminal prosecution. Remember, if it sounds too […]
The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment for months without coverage or an exemption when you file your federal income tax return. You, your spouse or your dependents may be eligible to claim an exemption […]
Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return: General Filing Rules.Whether you need to […]
It’s always a good idea to prepare early to file your federal income tax return. Like last year, certain provisions of the Affordable Care Act affect your federal income tax return when you file this year. Here are two things you should know about the health care law’s coverage and reporting requirements that will help you get ready […]
Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to […]