Personal Tax

Article Highlights: Letter May Be In Error Let Your Tax Professional Respond Procrastination Leads to Bigger Problems Change of Address Complications If it is not your refund check in the mailbox, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS … [Read more...] about Don’t Panic if You Receive an IRS Notice

Article Highlights: Frequently Overlooked Income and Deductions Three-Year Refund Statute of Limitations State returns Interest & Penalties Filing Instructions and Suggestions If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can be because of: Receiving an unexpected or amended K-1 … [Read more...] about Forgot Something on Your Tax Return?It’s Not Too Late to Amend the Return

Article Highlights: Early Distributions Distributions After Age 59.5 Minimum Required Distributions After Age 70.5 Excess Accumulation Penalty Estate Tax Issues   Advance planning can, in many cases, minimize or even avoid taxes on IRA distributions and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and … [Read more...] about Planning Your IRA Withdrawal?

June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2014. The FMV of an IRA on the last day of the prior year (Dec 31, 2014) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you … [Read more...] about June 2015 Individual Due Dates

Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis   Now that your taxes have been completed for 2014, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away.  It would be helpful to understand why the records must be … [Read more...] about Read this article before Tossing Old Tax Records