A Bakers Dozen of Tax Planning Tips to Consider Before the End of the Year
UncategorizedA Bakers Dozen of Tax Planning Tips Take full advantage of 401K plans and IRA deductions. Donate to charity before the year end if you will itemize deductions. Contributions paid by credit card before year end are deductible even before ...
What is a MyRA?
UncategorizedHere are some facts about this program myRA cost nothing to open and has no fees. You contribute an amount you choose ($2, $20, $200 — whatever fits your budget!). The total allowed in one year is $5,500 ($6,500 if you are 50 or older)...
IRS Warns Consumers of Possible Scams Relating to South Carolina Flood Victim Relief
UncategorizedThe Internal Revenue Service has issued a consumer alert about possible fake charity scams emerging due to severe flooding this month in South Carolina and neighboring states. “When making donations to assist flood victims in South Carol...
How Much Can Be Withdrawn From Retirement Savings Safely Each Year?
UncategorizedIn retirement planning there is something called the 4% rule. This was the general rule of thumb that you could safely withdraw 4% of your portfolio each year without completely depleting it. This has been a generally accepted rule for m...
Don’t Forget the Deadline for Individual Taxes on Extension
UncategorizedAlthough Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they...
Who Needs an EIN (Employer Identification Number) ?
UncategorizedIf you answer Yes to any of the following questions you need to have an EIN. Do you have employees? Do you operate your business as a corporation or partnership? Do you file an Employment, Excise or Alcohol, Tobacco and Firearms tax retu...
The Affordable Care Act and Forms 1094-C and 1095-C
UncategorizedIn general employers with less than 50 employees are not subject to these reporting requirements. Actually the cut off is for 50 FTEs (full time equivalent employees). If your business is close to 50 employees you should calculate the nu...
Moving? If You Receive the Premium Tax Credit, Report this Life Event
UncategorizedIf you moved recently, you’ve probably notified several organizations – like the U.S. Postal Service and utility companies – about your new address. You may have even notified the IRS about your address change. If you get health in...
Your Health Insurance Company May Ask for Your Social Security Number
UncategorizedHealth coverage providers will file an information return, Form 1095-B, Health Coverage, with the IRS and will furnish statements to you in 2016, to report coverage information from calendar year 2015. The law requires coverage provide...
Back-to-School Reminder for Parents and Students: Check Out College Tax Credits for 2015 and Forward
UncategorizedIn general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the taxpayer, spouse and dependents. The American Oppo...