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Income Tax Planning and 529 Plans

February 20, 2015

  The income tax benefits offered by 529 plans make these plans attractive to parents (and others) interested in saving for college. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax breaks to their residents. It’s important to evaluate the federal and state tax consequences…

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Income in Respect of a Decedent

February 4, 2015

Taxpayers are generally required to recognize income for federal income tax purposes in the year in which it is received. If, however, someone dies before receiving income to which he or she is entitled, that income is not included on his or her final income tax return. Instead, such income, referred to as “income in…

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Donating a Car to Charity

January 14, 2015

  If you donate your car to charity, you may claim a tax deduction for the donation if you itemize your deductions on your federal income tax return. To get started, you’ll need to pick a qualified charitable organization, determine the fair market value (FMV) of your car, and obtain the necessary documentation for your…

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Tax Credit Sampler

January 12, 2015

A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. Most tax credits are nonrefundable: If the credit amount exceeds the tax owed, no refund is given. Refundable credits are different: If…

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Health-Care Reform: Tax Changes for Individuals

January 9, 2015

The health-care reform legislation signed into law in 2010 contained a number of tax changes. Some of these changes took effect immediately; others have only recently become effective. Here are some of the changes worth noting: Changes that went into effect prior to 2013 If you frequent tanning salons, you’re probably well aware that the…

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High-Income Individuals Face New Medicare-Related Taxes

January 8, 2015

The health-care reform legislation enacted in 2010 included new Medicare-related taxes that first took effect in 2013. These new taxes target high-income individuals and families. Here are the basics: Additional Medicare payroll tax If you receive a paycheck, you probably have some familiarity with the Federal Insurance Contributions Act (FICA) employment tax; at the very…

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Weighing the Choice between Taxable and Tax-Free Bonds

January 6, 2015

If you’re considering the purchase of an individual bond or even a bond mutual fund, one of your first concerns will be its yield. However, when comparing various yields, you need to make sure you’re not comparing apples to oranges. The yield on a tax-free bond may be lower than that paid by a taxable…

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IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015

January 5, 2015
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“IR-2014-99, Oct. 23, 2014 WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations…

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"Tax Extender" Bill is Passed Through Congress

December 23, 2014

The article found in the Journal of Accountancy and linked below discusses the bill in length.  This bill will affect most of our clients through the restoration of the sales tax deduction.  The mortgage forgiveness will affect many people as well.  Please click on the link below to find more information on how the bill will affect you and…

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IRS Announces 2015 Standard Mileage Rates

December 22, 2014

The IRS has announced the optional 2015 standard mileage rates for use in computing the deductible costs of operating a passenger automobile for business, charitable, medical, or moving expense purposes. Effective January 1, 2015, the standard mileage rates are as follows: Business use of auto: 57.5 cents per mile may be deducted if an auto…

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