New Standard Mileage Rates for 2015
The Internal Revenue Service announced yesterday the 2015 optional standard mileage rates used to calculate the deductible costs of ordinary and necessary business expenses of local transportation or travel away from home for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup […]
Top Four Year-End IRA Reminders
Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs: 1. Know the limits. You can contribute up to a maximum of $5,500 ($6,500 if you are […]
Beware of Pervasive Phone Scams
Recently we’ve had an uptick in clients calling worried about calls threatening arrest for unpaid taxes, and they aren’t alone. The IRS has seen a recent increase in local phone scams across the country, with callers pretending to be from the IRS in hopes of stealing money or identities from victims. These phone scams include […]
Expiring Tax Breaks – What It Means
Tax extenders, temporary tax provisions that are reinstated by Congress on a regular basis, have been a recurring part of the tax arena for years. Most of the current group up for debate have expired at the end of 2013, and their eventual extension will be retroactive, but not all will be extended. Here’s what […]
Consult with Your Dallas Accountant for Entity Selection and Structure
Starting a business is one of the most rewarding experiences you will ever have. However, the process is wrought with pitfalls for inexperienced entrepreneurs. Seeking advice from your Dallas accountant regarding entity selection and structure enhances your chances for long term success. Your accountant can act as a sounding board for your ideas and suggest […]
ACA Open Enrollment Begins November 15
The Affordable Care Act open enrollment period is about to begin. If you’re currently uninsured or buy coverage on your own, here are some things to keep in mind as you weigh your options. The open enrollment period has changed. Open enrollment runs between November 15, 2014 and February 15, 2015, but if you want […]
Special Tax Benefits for Armed Forces Personnel
If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file […]
Five Tips for Making Tax Deductible Charitable Donations
The holiday season is upon us. In addition to the personal satisfaction that comes from giving, many individuals and business owners ensure their gifts are qualified tax deductible charitable donations. Charitable giving benefits worthy organizations, but it can benefit you too by saving money on your taxes. However, not every donation qualifies. Consider the following […]
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 […]
File Your 2013 Taxes by the October 15th Deadline
The 2013 tax extension deadline is less than a month away on Wednesday, October 15th. If you missed the first April 15th tax deadline and had to file an extension, you may be still procrastinating and will be rushing to make the final October 15th tax deadline. There’s no need to worry if you start […]
Tax Planning Advice for Grandparents
Grandparents Day was this past Sunday, September 7th. In honor of National Grandparents Day, we’re sharing a piece from Accounting Today with tax advice for grandparents, written by Michael Cohn, below: Fred Slater, CPA and Ellen Minkow, CPA, a pair of tax and financial advisors at MS 1040 LLC in New York City, have two […]
Tax Tips for the Self Employed
So you’ve waded out into the waters of self-employment. You’re staring down uncertainty and taking a chance on yourself. Congratulations! Self-employment won’t always be easy, but your hard work and perseverance will pay off. Besides, if it were easy, everyone would do it, right? In an attempt to lighten your load and ease your burden, […]
Make A Mistake? How & When to Amend Your Tax Return
Don’t worry if you made a mistake on your tax return or forgot to claim a tax credit or deduction. Or maybe a financial institution sent out corrected 1099 statements for your investments. You can fix it by filing an amended return. Here are 10 tips that you should know about amending your federal tax […]
Back-to-School: Higher Education Tax Credits
Are you, your spouse or a dependent heading off to college? If so, here’s a quick tip from the IRS: some of the costs you pay for higher education can save you money at tax time. Here are several important facts you should know about education tax credits: American Opportunity Tax Credit. The AOTC can […]
Miscellaneous Deductions Can Cut Taxes
Earlier this week we talked about deducting expenses related to your hobby. In addition to business and/or hobby expenses, you may be able to deduct certain miscellaneous costs you pay during the year. Examples include employee expenses and fees you pay for tax advice. If you itemize, these deductions could lower your tax bill. Here […]
