Article Highlight: Increased Standard Deduction Tax Exempt Income Impairment-Related Work Expenses Earned Income Tax Credit Credit for the Elderly or Disabled Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and benefits. Parents of children … [Read more...] about Tax Tips for Disabled Taxpayers
Personal Tax
Reverse Mortgages – A Cash Flow Solution for Seniors
Article Highlights: Reverse Mortgages Reverse Mortgage Terms Who deducts the Interest? When is the Interest Deductible? Some retirees are faced with mounting debt and inadequate income. What options do these seniors have, especially if they have a mortgage on their home and their retirement income is too low to cover the mortgage payments and have enough left over to … [Read more...] about Reverse Mortgages – A Cash Flow Solution for Seniors
Only One IRA Rollover Every 12 Months – Period!
Article Highlights: One rollover per 12-month period Tax consequences Difference between a rollover and a transfer Relief Although this subject has been brought up before-and, yes, we are harping on the subject because of the profound tax consequences-this is a reminder that, beginning this year, individuals are only allowed one IRA rollover in any 12-month period (this … [Read more...] about Only One IRA Rollover Every 12 Months – Period!
Don’t Lose Your Insurance Subsidy in 2016 Because You Haven’t Filed Your 2014 Return!
Article Highlights: Insurance Subsidy Advance Premium Tax Credit Non-filers 2016 Consequences of Not Filing If you are one of the over 1 million individuals who received an Obamacare health insurance premium subsidy last year and have yet to file your 2014 tax return, you are risking your opportunity to receive a subsidy in 2016. The subsidy, which is paid by the … [Read more...] about Don’t Lose Your Insurance Subsidy in 2016 Because You Haven’t Filed Your 2014 Return!
August 2015 Individual Due Dates
August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 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 August 2015 Individual Due Dates