Article Highlights: One rollover per 12-month period Tax consequences Difference between a rollover and a transfer Relief Although this subject has been brought up before-and, yes, we are harping on the subject because of the profound tax consequences-this is a reminder that, beginning this year, individuals are only allowed one IRA rollover in any 12-month period (this … [Read more...] about Only One IRA Rollover Every 12 Months – Period!
Don’t Lose Your Insurance Subsidy in 2016 Because You Haven’t Filed Your 2014 Return!
Article Highlights: Insurance Subsidy Advance Premium Tax Credit Non-filers 2016 Consequences of Not Filing If you are one of the over 1 million individuals who received an Obamacare health insurance premium subsidy last year and have yet to file your 2014 tax return, you are risking your opportunity to receive a subsidy in 2016. The subsidy, which is paid by the … [Read more...] about Don’t Lose Your Insurance Subsidy in 2016 Because You Haven’t Filed Your 2014 Return!
August 2015 Individual Due Dates
August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 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 to … [Read more...] about August 2015 Individual Due Dates
Receiving Social Security Can Be Taxing
Article Highlights: Social Security Taxability Taxability Thresholds Working and Drawing Social Security Pension Distributions and Social Security Taxability Planning Pension Distributions Generally, your Social Security (SS) benefits are not taxable until your modified adjusted gross income (MAGI) is more than the base amount for your filing status. MAGI is your … [Read more...] about Receiving Social Security Can Be Taxing
Preventing Tax Problems When Employees Travel
Article Highlights: Employer Deduction for Travel Expenses How an Employee Treats Travel Expenses Employer Accountable Plans Lodging When Attending Local Employer Events Tax Home Temporary Work Location Sending employees on business trips is essential for countless companies and can result in tax headaches for both the employer and the employee if the tax regulations … [Read more...] about Preventing Tax Problems When Employees Travel