Article Highlights: • Balance due payments • Contributions to a Roth or traditional IRA • Estimated tax payments for the first quarter of 2016 • Individual refund claims for tax year 2012 Just a reminder to those who have not yet filed their 2015 tax return that April 18, 2016 is the due date to either file your return and pay any taxes owed, or file for the automatic … [Read more...] about Tax Filing Deadline Rapidly Approaching
Personal Tax
March 2016 Individual Due Dates
March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 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 … [Read more...] about March 2016 Individual Due Dates
Asset Sales Versus Stock Sales: What You Need to Know
Selling a business is never a decision that should be made lightly. A business is something that you've likely worked hard to build from the ground up into the entity that you always hoped it could be - you don't want to sell yourself short now that you're moving onto bigger and better things. When it comes to selling a business, one of the most important decisions that you'll … [Read more...] about Asset Sales Versus Stock Sales: What You Need to Know
Proving Noncash Charitable Contributions
Article Highlights: • Noncash Charitable Contributions • Establishing Donation Value • Fair Market Value • Documentation Requirements • Appraisal Requirements One of the most common tax-deductible charitable contributions encountered is that of household goods and used clothing. The major complication of this type of contribution is establishing the dollar value of the … [Read more...] about Proving Noncash Charitable Contributions
Take Advantage of the IRA-to-Charity Provision
Article Highlights • IRA-to-Charity Transfer Provision Made Permanent • Required Minimum Distribution • How the Provision Plays Out on a Tax Return • Tax Benefits of the Provision Individuals age 70.5 or over—who must withdraw annual required minimum distributions (RMDs) from their IRAs—will be pleased to learn that the temporary provision allowing taxpayers to transfer up … [Read more...] about Take Advantage of the IRA-to-Charity Provision