Personal Tax

July 1 - Time for a Mid-Year Tax Check Up Time to review your 2013 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS … [Read more...] about July 2013 Individual Due Date Reminders

Two new laws that take effect in 2013 can significantly impact the taxes owed from the sale of property that results in capital gains. They include: Higher Capital Gains Rates – Starting in 2013, capital gains can be taxed at 0%, 15%, or 20% depending upon the taxpayer’s regular tax bracket for the year.  Therefore, if your regular tax bracket is 15% or less, the capital gains … [Read more...] about Installment Sale – a Useful Tool to Minimize Taxes

A frequently asked question is, “What records are required for charitable contributions?” In recent years, Congress has passed stringent recordkeeping rules for charitable contributions as well as harsh penalties for understating taxable income. The following is a summary of the recordkeeping rules currently in effect for a variety of contribution types. This list is not … [Read more...] about Documenting Charitable Contributions

If you are turning 70½ this year, you may face a number of special tax issues. Not addressing these issues properly could result in significant penalties and filing hassles. Traditional IRA Contributions – You cannot make a traditional IRA contribution in the year you reach the age of 70½. Contributions made in the year you turn 70½ (and later years) are treated as excess … [Read more...] about Turning 70½ This Year?