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Posts Tagged ‘Tax Changes’

Congress has Extended Some Tax Breaks Retroactively; Some Will Be Permanent

In mid-December, Congress renewed a long list of tax breaks known as “extenders” that have been expiring on an annual basis. This year many of the rules are retroactive to the beginning of 2015. You may be able to benefit from some of them as you prepare […]

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Adjust Your Mileage Reimbursements for 2016

Standard mileage rates for deductible vehicle expenses have decreased from the 2015 rates. Here are the rates to use to calculate 2016 reimbursements and deductions. Business. Starting January 1, the rate is 54 cents per mile for the use of a vehicle for business purposes. That’s down […]

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Check Your Tax Withholding for 2015

  It’s tax season, and it may be a good time for you to review your tax withholding. Withholding too much tax from your wages isn’t a smart financial move. Review how much you’re having withheld in 2015 to see if it matches the actual tax liability […]

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Mandatory Paid Sick Leave Ordinances for Certain Businesses

In addition to NYC, Jersey City, and Newark the below municipalities have passed paid sick leave ordinances. This needs to be in effect come early January and each infraction could cost up to $2,000 in fines. East Orange, NJ The city council of East Orange passed a […]

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Women and Retirement

  Women need to save more for their retirement than men do. Statistics show that women live longer than men, but earn less than men during their working years (which are often fewer due to time taken off for child rearing). According to the Census Bureau, 57% […]

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Its Time to Review Your 2014 Deductions

Some itemized deductions are limited by a percentage of your gross income. An example is miscellaneous deductions. These provide a benefit only if your total outlay for costs such as investment fees and unreimbursed employee business expenses exceed 2% of your adjusted gross income. If you consistently […]

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There Are Tax Breaks When You Do Charitable Work

If you do volunteer work for a charitable organization and have not kept track of your out-of-pocket expenses, you might be passing up an excellent opportunity to lower your tax bill. To qualify, your unreimbursed expenses must relate directly to the charity, and you must itemize your […]

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Oops! You Forgot Something on Your Tax Return. Now What?

Whew! The rush is over once your personal income tax return is done for another year – or so you thought, right up until the moment you discover information you forgot to include. Now what? The action you take depends on the type of information you forgot. […]

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2015 HSA Contribution Limits Have Been Announced

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2015. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2015 contribution limit for individuals is $3,350; the […]

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Should You Ask the Cost of a Gift?

Imagine this scenario: Your wealthy Uncle John is something of an art collector, buying paintings and sculptures from promising young artists.  When he retires, he moves into a small condo in a retirement community and has to downsize his art collection.  he gives away much of his […]

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