Personal Tax

Article Highlights: • Above-the-Line Deduction • Qualifications • Employee Business Expenses • Noncash Charitable Contribution • Noncash Charitable Documentation Requirements Many devoted teachers spend a significant amount of their own money on classroom supplies. Recognizing this, several years ago, Congress created a special deduction for teachers that would allow them to … [Read more...] about Deducting More Than $250 for Teachers’ Classroom Supplies

Article Highlights: • Roth IRA Contribution Limitations • Converting a Traditional IRA to a Roth IRA • Circumventing the Limitations • Back-Door Roth IRAs • Pitfalls of a Back-Door Roth IRA • The “All IRAs Are One” Rule Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation and post-retirement … [Read more...] about Back-Door Roth IRAs

Article Highlights: • Overlooked Deductions and Credits • Amended Tax Documents • Overlooked Income • Filing Statute of Limitations If you have already filed your tax return and overlooked an item of income or forgot to claim a deduction or credit, it is not too late! An amended return can be filed to correct an already filed tax return. Failing to report an item of income … [Read more...] about Oops, Did You Forget Something on a Tax Return?

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. 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 to cover the … [Read more...] about May 2016 Individual Due Dates

Article Highlights: • Caring for Disabled Family Members • Qualified Medicaid Waiver Payments • 2014 IRS Announcement • Exclusion Qualifications • Mandatory Exclusion • Earned Income Tax Credit Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and … [Read more...] about Are You Caring for a Disabled Family Member? Read This.