December 21, 2016
individual retirement accounts; retire with $100,000 per year in income

Year-End IRA Reminders

With the end of the year approaching, take a moment to make sure you’ve taken care of your Individual Retirement Accounts: Contribute the maximum. In 2016, you can contribute a maximum of $5,500, or $6,500 if you are age 50 or over. Remember, you have to have taxable income to contribute to an IRA, but if you are married and filing jointly, you can each make contributions even if only one of you is working. Speak to a tax advisor to learn about how your deductions will be affected by an employer-sponsored retirement plan. Don’t contribute more than the max. If you contribute more than the IRA limits for 2016 (or more than your income allows you to contribute), you will be subject to a 6% tax on the excess contribution amount for each tax year the money remains in your account. You can withdraw excess contributions by the due date for your tax return. For more information about IRAs or end-of-year tax planning, please call us or another qualified tax advisor. Tip courtesy of IRS.gov
July 6, 2016
Tax Tip: Rules for Home Office Deductions

Which Tax Form Do You Need?

Which Tax Form Do You Need?, “Which Tax Form Do You Need?”, While most Americans choose to e-file their taxes for convenience and security, some taxpayers still prefer to fill out paper forms. While most Americans choose to e-file their taxes for convenience and security, some taxpayers still prefer to fill out paper forms. If you are filing on paper, you need to know which form to fill out. Here are some tips from the IRS on how to choose the right tax form: Use the 1040EZ if: Your taxable income is below $100,000. Your filing status is single or married filing jointly. You are not claiming any dependents. Your interest income is $1,500 or less. Consider the 1040A if: Your taxable income is below $100,000. You have capital gain distributions. You claim certain tax credits. You claim adjustments to income for IRA contributions and student loan interest. Use the 1040 if: Your taxable income is $100,000 or more. You claim itemized deductions. You are reporting self-employment income or income from sale of a property. You owe household employment taxes. For more information about tax forms, consult a tax advisor or read IRS Publication 17, “Your Federal Income Tax”. Tip courtesy […]