Article Highlights Solar Heating System Solar Electric System Fuel Cell Plant Wind Energy Geothermal Heat Pump Through 2016, taxpayers can get a tax credit on their federal tax return equal to 30% of the costs for installing certain power-generating systems on their homes. The credit is non-refundable, which means it can only be used to offset a taxpayer’s current tax … [Read more...] about Get Credit for Generating Your Own Home Power
Personal Tax
October 15 Extension Due Date Rapidly Approaching
Article Highlights: October 15 is the extended due date for filing 2014 federal individual tax returns. Late-filing penalty for individual federal returns is 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. A separate penalty applies for filing a state return late. Interest on tax due. Final … [Read more...] about October 15 Extension Due Date Rapidly Approaching
September 2015 Individual Due Dates
September 1 - 2015 Fall and 2016 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA … [Read more...] about September 2015 Individual Due Dates
Don’t Forget Your Retirement!
Article Highlights: Simplified Employee Pension Plans (SEP) Qualified Plan (Keogh) Savings Incentive Match Plan for Employees (SIMPLE Plan) Individual 401(k) Plan Small Employer Pension Startup Credit Even though retirement may be years away, and it may not be the most pressing issue on your mind these days, don’t forget your retirement contributions, especially with … [Read more...] about Don’t Forget Your Retirement!
Keep Track of Your Investment Basis
Article Highlights: What is Basis? Cost Basis Gift Basis Inherited Basis Events That Adjust Basis First-in, First Out In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may have a variety of securities, including stocks, bonds, mutual funds, etc. When you sell those securities, naturally you want to minimize your gains or maximize … [Read more...] about Keep Track of Your Investment Basis