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…
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.
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.
Year-End Planning Strategies to Lower Your Taxes
Dreading your 2014 taxes? We have a checklist of strategies that might help you save on taxes before year-end. Read more in this Tax Strategist.
Year-End Charitable Giving
If you itemize deductions on your income tax return, you can generally deduct your gifts to qualified charities. Learn more in this Tax Tip.
Importance of Timing a Roth IRA Conversion: An Example
We don’t time the market, but we do time Roth IRA conversions to minimize your tax liability. We explain in this week’s Financial Tip.
Give Your Gift to Charity, Not the IRS
Charitable donations can reduce your tax liability. However, if you donate appreciated stocks, you can also avoid capital gains taxes.