Tax Extender

November 19, 2015

The Tax Increase Prevention of 2014 (TIPA) only extended the popular tax breaks for 2014. For 2015, we wait for the fate of tax extenders while the lawmakers debate the comprehensive tax reform. The expired extenders include the state and local sales tax deduction, higher education tuition deduction, transit benefits parity, research tax credit, the

Tax Education

November 19, 2015

The House approved a bill earlier this year to make Code Sec. 529 College Savings Plan more taxpayer friendly. The bill would allow the purchase of a computer to be considered a qualified expense. The bill would also provide tax and penalty relief for a student who may have to withdraw from school for illness

Retirement Planning

November 19, 2015

Take your RMDs (Required Minimum Distributions) All retirees over the age of 70 ½ must distribute a required amount. Your financial advisor will be able to help you with calculating this amount. If you do not distribute out, you are subject to penalties. Max out your contributions to your 401(k) Workers age 49 years and

Year-End Tax Planning

November 19, 2015

As the year comes to a close, there are some important factors to take into consideration for tax planning purposes. Income is taxed in the year it is received, so any income that can be deferred to 2016 will help reduce taxes due for 2015. Examples include deferring the receipt of year-end bonuses, or rental

Does “The Dog Ate My Homework” Defense Work?

November 19, 2015

In this particular case, an individual was denied some of their business deductions for lack of substantiation. The individual claimed that he couldn’t provide evidence for the deductions due to flooding at his residence and also because of his computer crash. The individual failed in reconstructing the missing records as well as attempting to obtain

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