IRS Announces New Increases for 2015 Tax Brackets, Deductions, & More
For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. It’s worth noting that these are the numbers effective beginning January 1, 2015 — not for 2014 tax returns filed […]
Four Tips for Retirement Withdrawals
Most people spend years working closely with their financial adviser, accumulating money in their retirement accounts. When the time comes to reap the rewards of all those years of labor, the reality of how much you’ll be taxed on your withdrawals hits you. While you can’t completely avoid being taxed on accounts that were tax-deferred, […]
Still Time to Act to Avoid 2014 Tax Surprises
Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in […]
6 Major Tax & Financial Implications of Gay Marriage Ruling
The impediments to same-sex marriages throughout the country are being washed away. This trend has continued in the wake of the landmark Supreme Court decision last year (Windsor v. U.S, No. 12-307, 6/26/13) invalidating Section 3 of the Defense of Marriage Act (DOMA). In the latest development on October 6, 2014, the U.S. Supreme Court […]
Small Employers Should Check Out the Health Care Tax Credit
Many have touted the downfalls and inconveniences of the Affordable Care Act, but did you know there are advantages to small businesses? New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can help them provide insurance to their employees. For […]
Holiday Giving & the 2014 Gift Tax Exclusion
Fall has officially begun, and as October begins, so does the holiday season. Now is the time many begin thinking about gifts for loved ones during the next few months. If you give large gifts, you may be obligated to report it to the IRS. For 2014, everyone has an annual exclusion amount of $14,000 (or […]
