Personal Tax

Article Highlights: Who is a nominee? What a nominee must do Allocating reported income Series 1099 forms   For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received that reports the other individual’s … [Read more...] about Don’t Forget Those Nominee 1099s

Article Highlights: Advance premium tax credit (APTC) Repayment avoidance Things you should report Special enrollment period If you get health insurance coverage through a government Health Insurance Marketplace, it is very important that you keep the Marketplace aware of any changes in household income, marital status, and family size. If you are receiving advance … [Read more...] about Family, Income, and Residence Changes Can Affect Your Premium Tax Credit

January 2 - 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 12 - 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 report … [Read more...] about January 2015 Individual Due Dates

Article Highlights • Basic rules of 1031 exchanges • Advantages of exchanges o Tax deferral o Leveraging the tax savings o Asset accumulation o Potential management relief • Disadvantages of exchanges o Added complexity and expense o Low tax basis o No property flipping o Unknown future law changes If you own real property that you could sell for a substantial profit, you may … [Read more...] about Is a 1031 Exchange Right for You?

Article Highlights: • 2% of income deduction floor • Alternative minimum tax • Employer accountable plan • Bunch deductions • Educational assistance plan • Sec 179 Expensing Individuals can deduct as miscellaneous itemized deductions certain expenses that they incur in the course of their employment. Generally, qualified business expenses are un-reimbursed expenses that are … [Read more...] about Getting the Most Out of Employee Business Expense Deductions