November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 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 … [Read more...] about November 2014 Individual Due Dates
Personal Tax
Tax Breaks for Charity Volunteers
Article Highlights: Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs … [Read more...] about Tax Breaks for Charity Volunteers
Tax Benefits for Grandchildren
Article Highlights: Financially assisting grandchildren College savings Education savings Retirement accounts Medical expenses If you are a grandparent there are a number of things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you … [Read more...] about Tax Benefits for Grandchildren
Naming Your IRA Beneficiary – More Complicated Than You Might Expect
Article Highlights: How naming beneficiaries impacts Traditional IRA distributions The impact of naming your trust as a beneficiary IRA beneficiary taxation The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects: The minimum amounts you must withdraw from the IRA when you reach age 70 … [Read more...] about Naming Your IRA Beneficiary – More Complicated Than You Might Expect
When Can You Dump Old Tax Records?
Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can … [Read more...] about When Can You Dump Old Tax Records?