Personal Tax

Article Highlights: Form W-4 is used to establish payroll-withholding amounts. Incorrectly completed W-4s can result in under-withholding and unexpected year-end tax liability. The IRS’s W-4 calculator is only suitable for simple returns. Commonly encountered problems in getting the W-4 completed to establish the proper amount of withholding. This time of year, many … [Read more...] about Revising Your W-4? Seek Professional Advice First.

Article Highlights: A gift tax return must be filed if you give gifts in excess of $14,000 per recipient during the year. Directly paid medical and educational gifts are excluded Married individuals can increase the annual $14,000 exclusion to $28,000 by splitting gifts. The estate tax exemption can be used to offset gifts in excess of the annual exclusion. Frequently, … [Read more...] about Are You Required To File A Gift Tax Return?

Article Highlights: E-filing is not possible if married name does not match Social Security Administration (SSA) records. Use SSA Form SS-5 to update SSA records. A married status may produce unexpected tax results. If you got married during 2013, don’t forget to notify the Social Security Administration (SSA), IRS, and Postal Service of your address and/or name change. If … [Read more...] about Did You Get Married in 2013?

Beginning in 2014, the Affordable Care Act will impose the new requirement that all people in the United States, with certain exceptions, have minimum essential health care insurance or they will be subject to a penalty. How this will affect your family will depend upon a number of issues. Already Insured If you have insurance through Medicare, Medicaid, or the Veterans … [Read more...] about Understanding the Health Insurance Mandate

January 2 - Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. January 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during December, you are required to report … [Read more...] about January 2014 Individual Due Dates