Think Before You Take an Early Distribution From a Retirement Plan
Uncategorized1. Payments you receive from your Individual Retirement Arrangement and other qualified retirement plans before you reach age 59 ½ are generally considered early or premature distributions. 2. Early distributions are usually subject to ...
Tax Benefits for Disabled Taxpayers
UncategorizedThere are several tax credits and benefits available to qualifying taxpayers with disabilities as well as to the parents of disabled children. Listed below are several tax credits and other benefits available if you or someone else liste...
All Legal Same-Sex Marriages Will Be Recognized for Federal Tax Purposes
UncategorizedThe U.S. Department of the Treasury and the Internal Revenue Service (IRS) ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling appl...
Affordable Care Act Employer Mandate Postponed until 2015
UncategorizedUnder ACA employers with 50 or more full-time/full-time equivalent employees are required to offer affordable insurance to their employees. The penalty could be $3,000 per employee. This requirement was scheduled to go into effect on Jan...
What is the Simplified Home Office Deduction and Do You Qualify
UncategorizedDo you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home. This ...
Rules for Renting Out a Vacation Home
UncategorizedMany people rent out a second or vacation home to help offset the costs of ownership. But this enterprise does present special tax considerations. If you rent your vacation home out for fewer than 15 days you do not have to report any of...
Summertime Tips on Child Care Expenses
UncategorizedMany parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Here are five facts to know about tax credits available for child care expenses. The Child and Depend...
Tax Information for Students Who Take a Summer Job
UncategorizedTax Information for Students Who Take a Summer Job Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the p...
Tax Information for Students Who Take a Summer Job
UncategorizedTax Information for Students Who Take a Summer Job Many students take a job in the summer after school lets out. If it’s your first job it gives you a chance to learn about the working world. That includes taxes we pay to support the p...
Unpaid Debt Can Affect Your Refund
UncategorizedUnpaid Debt Can Affect Your Refund If you owe a debt that’s past-due, it can reduce your federal tax refund. The Treasury Department’s Offset Program can use all or part of your refund to pay outstanding federal or state debt. Here a...