What springs to mind when you hear “insurance?” Most likely, you think about auto, health, home, and life. But what if an illness or accident were to deprive you of your income? Even a temporary setback could create havoc with your finances. And statistics show that your […]
Read more →The IRS recently issued the depreciation limits for business vehicles you buy and place into service this year. For cars, if 50% bonus depreciation does not apply, the first year limit is $3,160. If bonus depreciation applies to a business car, the first year limit is $11,160. […]
Read more →Looking to minimize clutter? Here are recordkeeping guidelines that will help you do just that while retaining what’s important. Income tax returns. Keep these at least seven years. Hang on to the back-up documents, such as Forms W-2, mortgage interest statements, year-end brokerage statements, and interest and […]
Read more →If you’re required to make quarterly estimated tax payments this year, the first one is due on the same day as your federal income tax return. Failing to pay estimates, or not paying enough, may lead to penalties. Here’s what to consider. Do you need to make […]
Read more →Are you planning to itemize on your 2015 federal income tax return? If so, you can claim a deduction for taxes paid. According to IRS statistics, taxes are the most frequently claimed itemized deduction, as well as the largest. But what kind of taxes can you deduct […]
Read more →You might believe a “dependent” is a minor child who lives with you. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. Here’s an overview of the dependency exemption. Exemptions and your taxable income. Each dependent […]
Read more →Can’t finish your federal income tax return by the April deadline? You don’t need to give a reason to get an additional six months to file. Requesting an extension to shift the due date to October 17, 2016, takes three steps. First, estimate your 2015 tax liability. Second, […]
Read more →If you made gifts during 2015 in excess of the $14,000 annual limit to any one person, you may need to report the transaction to the IRS. When you and your spouse agree to “gift splitting,” you could give up to $28,000 to any one individual with […]
Read more →The Work Opportunity Tax Credit, known as WOTC, can reduce your federal income tax liability dollar-for-dollar when you hire certain workers. The credit is available for 2015 if you hired workers from “targeted” groups, such as ex-felons, food stamp recipients, and Supplemental Security Income recipients. Beginning in […]
Read more →April is a busy month for taxes. Here are filing requirements to keep in mind. 2015 individual income tax returns or an automatic extension. 2015 partnership returns for calendar year partnerships. 2015 income tax returns for calendar year trusts and estates. 2015 annual gift tax returns. 2015 […]
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