Even though retirement may be years away, and it may not be the most pressing issue on your mind these days, don’t forget your retirement contributions, especially with generous government incentives involved. There are a variety of retirement plans available to small businesses that allow the employer and employee a tax-favored way to save for retirement. Contributions made … [Read more...] about Don’t Forget Your Retirement!
Personal Tax
Did Your 2010 Roth-Converted Account Decline in 2011?
If you converted your traditional IRA to a Roth IRA during 2010 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to the overall decline of the stock market in 2011, you still have an opportunity to do something about it. If you filed your return on time or are on extension, you automatically receive a 6-month … [Read more...] about Did Your 2010 Roth-Converted Account Decline in 2011?
Last Year for Tax-Free Charitable Donations from IRAs
If you are 70.5 years of age or older and are considering making a donation to a charity, you may wish to consider the option of making the contribution from your IRA account. For 2011, you can donate up to $100,000 to your favorite charity, provided it is an eligible charitable organization, tax free from your traditional IRA, Roth IRA, or a SEP or SIMPLE IRA. To be … [Read more...] about Last Year for Tax-Free Charitable Donations from IRAs
October 2011 Individual Due Dates
October 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. 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 October 2011 Individual Due Dates
Tax Tips for Job Seekers
If you are unfortunate enough to be out work, you may be spending time attending career fairs and traveling around looking and interviewing for employment. Some of the expenses you incur attempting to secure employment may be deductible on your tax return. Here are several things you should know about deducting costs related to your job search. To qualify for a deduction, … [Read more...] about Tax Tips for Job Seekers