Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

September 1 - 2012 Fall and 2013 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA … [Read more...] about September 2012 Individual Due Dates

Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that is in the same line of work, you may be able to deduct some of your job-hunting expenses on your federal income tax return. To qualify for a deduction, your expenses must be spent on a job search in your current occupation. You … [Read more...] about Job Search Expenses Can Be Tax Deductible

We spend most of our lives saving for retirement by putting funds away in tax-advantaged ways.  But many of us forget about planning the withdrawals so that they are tax-advantaged as well. Although there are exceptions, retirement funds generally cannot be withdrawn until we are age 59.5. If taken out sooner, there is a 10% penalty that applies in most cases. In addition, … [Read more...] about Planning Your RMD and IRA Distributions For 2012

The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects the minimum amounts you must withdraw from the IRA when you reach age 70-1/2, who will get what remains in the account after your death, and how that IRA balance can be paid out. What's more, a periodic review of whom you've named as IRA … [Read more...] about Naming Your IRA Beneficiary – More Complicated Than You Might Expect