Article Highlights: • Income as a Factor • Filing Status as a Factor • 85% Maximum Taxable • Base Amounts • Deferring Income • Maximizing IRA Distributions Whether your Social Security benefits are taxable (and, if so, how much of them are) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. • For this … [Read more...] about Minimizing Tax on Social Security Benefits
Personal Tax
Can You Deduct Employee Expenses?
Article Highlights: • Condition of Employment • Employer Reimbursements • Miscellaneous Itemized Deductions • Alternative Minimum Tax • Home Office • Computer • Uniforms and Special Work Clothes • Education • Impairment-Related Work Expenses • Job-Search Expenses If you are an employee, you may be curious about which expenses relating to your employment are deductible on your … [Read more...] about Can You Deduct Employee Expenses?
Penalty for Not Having Health Insurance Surprises Many
Article Highlights: • Penalty Being Phased in Over Three Years • Larger of Two Amounts • Flat Dollar Amount • Percentage-of-Income Amount • Penalty Applied by Month Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call for many who didn’t realize the penalty is being phased in over a … [Read more...] about Penalty for Not Having Health Insurance Surprises Many
Must I, or Should I, File a Tax Return?
Article Highlights: • When You Are Required to File • Self-Employed Taxpayers • Filing Thresholds • Consequences of Not Filing • Benefits of Filing Even When Not Required to File • Refundable Tax Credits This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that … [Read more...] about Must I, or Should I, File a Tax Return?
Automatic Tax Filing Extensions Available
Article Highlights: • Form 4868 • Late Payment Penalty • Taxpayers Residing Abroad • Retirement Contributions • Estimated Tax Payments • Foreign Bank Account Reporting A taxpayer who needs more time to complete his or her 2015 individual tax return can request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 18, 2016 … [Read more...] about Automatic Tax Filing Extensions Available