Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to keep…
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September 1 - 2017 Fall and 2018
Tax Planning Contact this office to schedule a consultation appointment.
September 11 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during August,…
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Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having the needed money set aside to pay for it. …
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Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In fact, there are far more tax issues related to gambling…
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Military service members have special obligations and take risks while performing their service to our country, which impact their tax situation. As a result, they are entitled to a number of special tax breaks. The following are the predominant…
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If you are fortunate enough to have a large estate – one large enough to be subject to the estate tax upon your death – you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the…
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Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. The differences are:
Businesses Entered Into for Profit – For…
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One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. A self-employed individual is able to deduct expenses on his or her business schedule, while an employee is…
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August 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required…
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What Is an RMD?
September 2017 Individual Due Date Reminders
Preparing for Your Child’s Future Education
Gambling and Tax Gotchas
Tax Breaks for Military Personnel
Taking Advantage of Tax-Free Gifting
Hobby or Business? It Makes a Difference for Taxes
Elusive Employee Business Expense Tax Deduction
August 2017 Individual Due Dates