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Understanding the Net Investment Income Tax

December 26, 2016
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If your income hits a certain level, you may face an additional wrinkle in calculating your taxes: the net investment income tax (also referred to as the unearned income Medicare contribution tax). This 3.8% Medicare tax applies to some or all of your net investment income if your modified adjusted gross income (MAGI) exceeds certain…

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Mo Money Preparers Plead Guilty – Is this a real company name?

March 17, 2016
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Yes it is.  Apparently there is a real company franchise called Mo Money Tax (apparently with about 300 stores and 18 states) and they were caught with tax return fraud.  The owners of this particular franchise plead guilty to falisying paystub (W2) information in order to defraud the IRS.  They each face a maximum sentence…

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Income Tax Key Numbers

January 6, 2016

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are…

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Key Numbers 2016

January 5, 2016
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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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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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July 30, 2014

Clipart courtesy of Microsoft Word and Article reprinted courtesy of Don’t Fall for Phony IRS Websites The IRS warns consumers about a new tax scam that uses a website that mimics the IRS e-Services online registration page. ‪The actual IRS e-Services page offers web-based products for tax preparers, not the general public. The phony…

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Tax Court Says One Tax-Free Rollover per Year Means Just That

July 23, 2014

Clipart courtesy of Microsoft Word Article reprinted courtesy of Broadridge/Forefield LPL Financial Background The Internal Revenue Code says that if you receive a distribution from an IRA, you can’t make a tax-free (60-day) rollover into another IRA if you’ve already completed a tax-free rollover within the previous 12 months. The long-standing position of the IRS,…

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New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify

July 9, 2014

Clipart courtesy of Microsoft Word WASHINGTON — The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily.   “This is a common-sense approach that will help reduce lengthy processing delays for small tax-exempt groups and ultimately larger organizations as well,” said IRS Commissioner…

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Unused ITINS to Expire After Five Years; New Uniform Policy Eases Burden on Taxpayers, Protects ITIN Integrity

July 7, 2014

Clipart courtesy of Microsoft Word   WASHINGTON — Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin…

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