Article Highlights: Individual Provisions Gift & Inheritance Provisions The President’s Fiscal Year 2016 Budget Proposal was just released and includes a number of tax proposals that would increase the taxes on higher-income taxpayers and provide more tax breaks for low- to middle-income taxpayers. The following are some highlights of the budget proposal that would … [Read more...] about President’s Budget Proposal
Personal Tax
February 2015 Individual Due Dates
February 2 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 2 - File 2014 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax … [Read more...] about February 2015 Individual Due Dates
Working Abroad Can Yield Tax-Free Income
Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income & Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether the person lives inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work … [Read more...] about Working Abroad Can Yield Tax-Free Income
Take Advantage of Education Tax Benefits
Article Highlights: Student loans Gifting low basis assets Education credits Education savings programs Educational savings bond interest The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each … [Read more...] about Take Advantage of Education Tax Benefits
Beware Of the One-per-12-Month IRA Rollover Limitation Beginning In 2015
Article Highlights: 60-Day limit New interpretation New one-per-12-month-period rollover rule Types of plans included The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the … [Read more...] about Beware Of the One-per-12-Month IRA Rollover Limitation Beginning In 2015