Personal Tax

Article Highlights: Earned Income Tax Credit (EITC) Qualifications Computing the Credit Limit on Investment Income Military Combat Pay Election EITC Scams Banning EITC Filers The Earned Income Tax Credit (EITC) is a tax benefit for working people who have low to moderate income. It provides a tax credit that is treated like tax withholding: it goes to pay an … [Read more...] about Don’t Miss Out on the Earned Income Tax Credit

Article Highlights: Asset limitations when receiving Medicaid or federal Supplemental Security Income $100,000 account limit Similar to Sec 529 education savings accounts Annual limit on contributions Qualified expenses Congress created Achieving Better Life Experience (ABLE) accounts in 2014. Prior to the creation of the ABLE accounts, individuals with disabilities … [Read more...] about ABLE Accounts and Individuals with Disabilities

Article Highlights: Home Energy-Saving Improvements Solar and Other Types of Energy Generation Systems Things to Consider Before Signing Up Recently passed legislation has given new life to two homeowner energy credits that had expired or were about to expire, providing renewed opportunities to homeowners wanting to take advantage of these credits and reduce their energy … [Read more...] about Homeowner Energy Tax Credits Get New Life

January 4 - Time to Call for Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. January 11 - Report Tips to Employer - If you are an employee who works for tips and received more than $20 in tips during December, you are required to … [Read more...] about January 2016 Individual Due Dates

Article Highlights: Conversion Timing Why Convert? When to Convert? Undoing A Conversion Issues to Consider Before Making the Decision The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. To make a conversion, you must pay income taxes on the amount of the … [Read more...] about Traditional to Roth IRA Conversions – Should You? Did You? Wish You Hadn’t?