Personal Tax

Article Highlights: President’s proposed gift and estate tax changes for 2018. The annual gift tax exclusion is $14,000 per recipient during the year. Estate and gift tax limit would revert to 2009 levels. If you are fortunate enough financially to be able to make significant gifts to family members and others, you may want to pay attention to the changes in gift tax law … [Read more...] about President Proposes Reinstating Gift Limits

  Article Highlights: Premium assistance credit based on actual family income and size. Overestimated assistance may have to be paid back. How family size is determined. How family income is determined. If you are signed up for health insurance through a health insurance marketplace, you may have qualified for the premium assistance tax credit. This credit provides … [Read more...] about Changes in Circumstances Can Affect Your Premium Assistance Credit

Article Highlights: Scammers disguise e-mails to look legitimate. Legitimate businesses and the IRS never request sensitive personal and financial information by e-mail. Don’t become a victim. Stop—Think—Delete You may think we harp a lot on protecting yourself against identity theft. You are right…because having your identity stolen becomes an absolute financial … [Read more...] about Don’t Get Scammed, They Are Very Clever

Article Highlights: Head of household filing status Exemption deduction for the grandchild Earned income tax credit Child tax credit Childcare credit for certain working grandparents Grandchild education credits and deductions More and more individuals who thought their child-rearing days were over are now raising their grandchildren. The U.S. Census Bureau has found … [Read more...] about Tax Breaks for Grandparents

Article Highlights:  2013 IRA contributions can be made through April 15, 2014 2013 SEP IRA contributions can be made through October 15, 2014 2013 Health Savings Account contributions can be made through April 15, 2014 2013 Coverdell Education Account contributions can be made through April 15, 2014  Did you know that you can make tax-deductible retirement savings … [Read more...] about Clock is Ticking for Retirement Plan Contributions