When Can You Deduct Job-Related Moving Expenses? 03-30-2015

When you relocate for work purposes you may be eligible to deduct certain moving costs on your income tax returns if you meet the distance and time tax law tests. Here is a discussion of eligibility requirements for the deduction and explanations of how to handle reimbursements you may receive from your employer. Continue reading

April 15th Countdown: Retirement Accounts Could Help Reduce Your Tax Liability 03-23-2015

As of March 23, 2015, the IRS has already issued 54.2 million tax refunds, averaging nearly $3,000 each. However, many taxpayers face the reverse situation and will not be receiving a refund. If you anticipate that you will owe taxes for 2014, you still may be able to reduce your tax liability by contributing to an IRA or SEP before the April 15 deadline. For your benefit, this article provides some basic rules, deadlines and strategies. We'll also tell you how to open and fund a myRA account, the Treasury's new Roth-IRA variant. Continue reading

SOMETHING NEW: Disabled Individuals May Possibly Utilize ABLE Accounts 03-16-2015

Begging in 2015, thanks to the Tax Increase Prevention Act of 2014, families of individuals with disabilities may be eligible for a new type of tax-advantaged savings account.  These accounts are similar to the 529 plans that allow individual to save money to be used to pay for college expenses. Here are 10 key facts you should know about these savings plans, which were created under the Achieving Better Life Experience Act of 2014 (ABLE Act). Continue reading

Tax Scams: The IRS Identifies This Year’s ‘Dirty Dozen’ Scams 03-09-2015

There are an endless number of scams that people need to look out for.  Recently, tax scams appear to be very popular for those individuals who are looking to take advantage of others and the tax system.  The IRS has released what it has identified as the most notorious tax scams of 2015. Participants in one of the IRS's "Dirty Dozen" schemes could win an IRS investigation, penalties, interest charges and even a trip to federal prison. Here is a list of the top scams and ways you can protect yourself from falling victim to one of these scams. Continue reading

What is Bitcoin Virtual Currency and its Related Tax Issues 03-09-2015

The world is quickly shifting to a digital and virtual world.  A more recent entry into the virtual world is currency.  Virtual currency is a new world to many of us.  Here are some issues you should be aware of related to Bitcoin, including risk factors and tax issues. Continue reading

You May Need to Consider Estate Planning to Minimize Your Current Federal Income Taxes 03-04-2015

A resent report published by the Congressional Research Service stated that less than 0.2 percent of all estates will owe federal estate tax. Therefore, most people wouldn't think about estate planning. However, almost everyone who is in the middle class or higher owes federal income annually. You should determine if estate planning today could affect you. If so, you should focus on strategies to reduce federal income taxes by minimizing capital gains, utilizing capital losses while you're still alive and updating your designated beneficiaries. Continue reading

2014 Federal Tax Returns: What is Renewed, What is New 03-04-2015

No one enjoys the process of filing and paying taxes. The tax-filing process is complicated by the ever-changing tax laws. The Tax Increase Prevention Act and Affordable Care Act are two of the more recent laws that could possibly affect your 2014 federal tax returns. Here are some highlights that businesses and individuals should know before they file their 2014 federal taxes. Continue reading

S Corps and Partnerships: Make Sure You Avoid Failure-to-File Penalties 03-04-2015

The S corporation is a popular business structure utilized by many privately held businesses. A recent Tax Court case serves a reminder to taxpayers that there's a steep penalty for S corps (and partnerships) that fail to file timely federal tax returns, even if there's no taxable income to report. These penalties are easy to avoid. There is also some information reviewing the qualifications for switching from C corporation to S corporation status. Continue reading

The End of Winter is Around the Corner: How to Keep March Madness under Control 03-04-2015

We won't soon forget this brutal winter. Everyone is probably looking forward to spring. "March Madness" can signal the beginning of spring for many people. Employers should capitalize on the spirit and excitement of the NCAA basketball tournament by fostering a "team" environment, rather than consider the tournament a workplace distraction -- but there are some cautions. Also: Two tax proposals you may not be aware of that are unpopular with NCAA fans. Continue reading

Reprieve for Small Businesses with Health Premium Reimbursement Plans 03-04-2015

Good news from the IRS: If you are a small business that has been reimbursing employees the cost of buying their own health coverage, you have been granted a temporary reprieve. Previously that arrangement was deemed unacceptable and, therefore, subjected small businesses to hefty penalties. Learn what you must do by June 30 to avoid penalties. Additionally, you can find information about recent changes to the small business health care tax credit. Continue reading