Avoid Tax Surprises: Report Life Changes to the Marketplace
Just as you’d report life changes to the IRS, you’ll also need to report them to the government Health Insurance Marketplace.
When Can You Dump Old Tax Records?
Like all things tax related, the answer is it depends. Generally, the federal statute of limitations can be used to help you determine how long to keep records.
Revised One-Rollover-Per-Year Limit Applies in 2015—IRS Clarifies Rules
The Internal Revenue Code says that if you receive a distribution from an IRA, you can’t make a tax-free (60-day) rollover into another IRA if you’ve already completed a tax-free rollover within the previous one-year (12-month) period. The long-standing position of the IRS was that this rule applied separately to each IRA someone owns. Earlier…
No Matter What Your Age, Your Social Security Statement Matters
Check your Social Security statement for accuracy. Your future benefits are based on earnings reported. Learn more in this Financial Tip.
Getting the Most Out of Employee Business Expense Deductions
Individuals may be able to deduct certain employment expenses as miscellaneous itemized deductions. Learn more in this Business Tip.
Accidentally Disinheriting Heirs
By failing to make our update your Will, you may be accidentally disinheriting your heirs. Learn more in this Financial Tip.
Holiday Research Report
Before you make an investment in Holiday Cheer, tax Dr. Gene’s advice: “Always do your homework.” Hot Chocolate, Jingle Bells, Fruitcake, Wrapping Paper, Poinsettias and the Times Square Ball Drop—See how these have changed over time.
Tips to Avoid Tax Penalties for 2014
Don’t forget what comes right after the holidays: tax season! Avoid potential penalties on your return with these tips. Read all about it in this Tax Tip.
Income In Respect of a Decedent
Income in respect of a decedent is taxed on the estate’s income tax return, or passed through to the beneficiary, to be taxed on the beneficiary’s income tax return.
IRS Announces 2015 Standard Mileage Rates
Despite lower gas prices, the IRS is increasing the standard mileage rate for 2015. We list them in this Tax Tip.