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Posts Tagged ‘Tax Preparation’

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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Does your Business Make Use of Your Financial Statements?

Many small business owners pay too little attention  to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement. […]

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The IRS has Issued a “Nanny Tax” Reminder

    The IRS reminds taxpayers not to overlook their responsibilities under the “nanny tax.” If you employed a housekeeper, nanny, gardener, or other household worker in 2014, you may have payroll tax obligations, commonly called the nanny tax. These payroll taxes apply if you paid a […]

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Tax Tip for November 2014

  Consider opening a health savings account (HSA). Investing in an HSA gives you a current-year tax deduction while providing a savings account to use to pay out-of-pocket medical expenses currently or in the future. An HSA is not a “use-it-or-lose-it” plan. Any funds in the plan […]

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Over 70½? Don’t Forget to Take Your Required Minimum Distributions

Did you celebrate your 70½th birthday in 2014? Do you have a traditional or rollover IRA? If both answers are yes, the deadline for taking the initial required minimum distribution from your retirement account is April 1, 2015. Required minimum distributions are the smallest amount you can […]

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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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Are You Thinking of Going From Employee to Boss?

  For those who want to be their own boss, here is a warning. Your new job will require several different experts. Don’t try to be all of them. Many very top notch sales people have gone from salesperson to company owner only to find out they […]

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Dealing with Finances After the Death of a Spouse

The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you’ll have to make important decisions while you’re in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease […]

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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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