Article Highlights: • Large Refund or Tax Due • Employers Withhold Based on W-4 • IRS Online Withholding Calculator • Self-employed Taxpayers If you are a wage earner and that is your primary source of income and you received a very large refund—or worse, if you owed money—then your employer is not withholding the correct amount of tax (but it probably isn’t your employer’s … [Read more...] about Was Your Refund Too High or Did You Owe Taxes? You Probably Need to Adjust Your W-4
April 2016 Individual Due Dates
April 1 - Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2015’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2015. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became 70½ before 2015 were required to make their 2015 IRA … [Read more...] about April 2016 Individual Due Dates
Minimizing Tax on Social Security Benefits
Article Highlights: • Income as a Factor • Filing Status as a Factor • 85% Maximum Taxable • Base Amounts • Deferring Income • Maximizing IRA Distributions Whether your Social Security benefits are taxable (and, if so, how much of them are) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. • For this … [Read more...] about Minimizing Tax on Social Security Benefits
Can You Deduct Employee Expenses?
Article Highlights: • Condition of Employment • Employer Reimbursements • Miscellaneous Itemized Deductions • Alternative Minimum Tax • Home Office • Computer • Uniforms and Special Work Clothes • Education • Impairment-Related Work Expenses • Job-Search Expenses If you are an employee, you may be curious about which expenses relating to your employment are deductible on your … [Read more...] about Can You Deduct Employee Expenses?
Penalty for Not Having Health Insurance Surprises Many
Article Highlights: • Penalty Being Phased in Over Three Years • Larger of Two Amounts • Flat Dollar Amount • Percentage-of-Income Amount • Penalty Applied by Month Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call for many who didn’t realize the penalty is being phased in over a … [Read more...] about Penalty for Not Having Health Insurance Surprises Many