Low- and Moderate-Income Workers Plan Now to Get Full Benefit of Saver’s Credit
UncategorizedLow- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 worke...
In 2015, Various Tax Benefits Increase Due to Inflation Adjustments
UncategorizedThe standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for head...
IRS Announced New 401K and Other Pension Plan Limits for 2015
UncategorizedThe elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000. The catch-up contribution limit for empl...
Here Are 10 Things to Know If You Need Tax Return Information From a Previously Filed Tax Return
UncategorizedHere are 10 things to know if you need federal tax return information from a previously filed tax return. If you are our client relax and ask us for a copy. Otherwise Get a record of your past tax returns, also referred to as transcripts...
Information for Employers about Their Responsibilities Under the Affordable Care Act
UncategorizedEmployers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA. Applicable large employers are ...
Choosing The Right Type of Business Entity is an Important Decision
UncategorizedWhen you start a business, you have many choices to make. One key decision is choosing the form of business entity in which you will operate. For starters, you can set up your business as a Sole Proprietorship, C-Corporation, S-Corporati...
Don’t Forget the Deadline for Individual Taxes on Extension
UncategorizedMore than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the mi...
Consider the Installment Method When Selling a Small Business
UncategorizedAn installment sale can save tax dollars. Each year, over 250,000 businesses are sold using an installment sale of assets, where the buyer pays all or part of the purchase price in installments over several years. By using an installment...
Back-to-School Reminder for Parents and Students: Check Out College Tax Credits for 2014 and Future
UncategorizedWith another school year now in full swing, the Internal Revenue Service today reminded parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several other education-rela...
Facts on Filing an Amended Tax Return
UncategorizedWhat should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filing an amended tax return. This year you can use the IRS tool, ‘Where’s My Amended Retur...