Personal Tax

Article Highlights: • Gift Tax Rule • Annual Exemption • Lifetime Exemption • Medical and Tuition Exemptions • Gift Splitting • Gifts of Property If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware of. Oh yes, the government even taxes gifts … [Read more...] about Cutting the IRS Out of Your Gifts

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 2016 Individual Due Dates

Article Highlights: • IRA Gift Idea • Maximum Amount • Traditional IRA • ROTH IRA • Gift Tax Implications If you have a young grandchild, we have a gift suggestion for you that can provide a lasting legacy between you and your grandchild. Many teens and young adults work during the summer months, and the wages they earn qualify them to make a contribution to either a … [Read more...] about Grandchild IRA Gift Idea

Article Highlights: • Hobby, Trade, or Business • Profit Motive • Factors Determining Profit Motive • Presumption of Profit Motive • Tax Treatment of Hobbies Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on. Some hobbies will actually generate income, and … [Read more...] about Hobbies and Income Tax

Article Highlights: • Required Minimum Distribution (RMD) • Distribution Period • Penalty for Not Taking an RMD • Multiple Accounts • Non-Taxable Amounts • Roth Conversions • Effect on Other Income & Deductions Once RMDs Start • Additional Withholding or Estimated Tax • Charitable Option All you baby boomers who have been stashing away tax-deferred retirement savings, take … [Read more...] about Time for Baby Boomers to Pay Up