November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about November 2015 Individual Due Dates
Retirement Plan Distribution Pitfalls
Article Highlights: Distribution Hazards Trustee-to-Trustee Transfers Rollovers Taxability Withholding Requirements Early Withdrawal Penalty When an individual retires or leaves an employer's service, the individual will be required to take a distribution from the employer's retirement plan (if the employer had a plan). Depending on the employee's age and the plan's … [Read more...] about Retirement Plan Distribution Pitfalls
Should You Itemize Your Deductions for Taxes?
Article Highlights: Who Qualifies for the Standard Deduction Who Is Not Allowed to Use the Standard Deduction Income Limitations for Itemized Deductions Phase-out of Itemized Deductions Looking ahead to the filing season for this year’s tax returns, a frequent question is whether you should keep track of tax-deductible expenditures or simply settle for the standard … [Read more...] about Should You Itemize Your Deductions for Taxes?
Tax Benefits for People with Disabilities
Article Highlights: Able Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services The code includes a number of benefits for individuals with disabilities, but you can’t take advantage of these benefits unless you know about them and understand how they might benefit you and your special circumstances. … [Read more...] about Tax Benefits for People with Disabilities
Facing a Huge Gain from a Realty Sale?
Article Highlights: Adjusted Basis Acquisition Value Passive Loss Carryovers Installment Sale Tax-Deferred Exchange Tax on Net Investment Income If you are contemplating selling real-estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a … [Read more...] about Facing a Huge Gain from a Realty Sale?