Retirement Plan Distribution Pitfalls

Article Highlights: Distribution Hazards Trustee-to-Trustee Transfers Rollovers Taxability Withholding Requirements Early Withdrawal Penalty When an individual retires or leaves an employer’s service, the individual will be required to take a distribution from the employer’s retirement plan (if the employer had a plan). Depending on the employee’s age and the plan’s terms, a distribution may not […]

Important Times to Seek Assistance

Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial change in taxable income or deductions. By doing so, we can advise you […]

Where’s My IRS Tax Refund?

 

Don’t Overlook the Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a refundable credit primarily for lower-income individuals and couples with qualifying children. The credit first offsets any tax liability of the taxpayer(s), and any credit left over is fully refundable. For 2013, the credit can be as much as $6,044 for a taxpayer with three children. The IRS […]

Maximizing Qualified Tuition Program Contributions

Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money […]

Don’t Overlook the Credit for Small Employer Health Insurance Premiums

This Article Highlights: Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time equivalent employees (FTE) with average wages less than $50,000. Self-employed individuals, including partners and sole proprietors, 2% shareholders […]

Revising Your W-4? Seek Professional Advice.

Article Highlights: Form W-4 is used to establish payroll-withholding amounts. Incorrectly completed W-4s can result in under-withholding and unexpected year-end tax liability. The IRS’s W-4 calculator is only suitable for simple returns. Commonly encountered problems in getting the W-4 completed to establish the proper amount of withholding. This time of year, many employers will request […]

Are You Missing a W-2?

Article Highlights: Employers have until Jan. 31, 2014, to provide 2013 W-2s to employees. Steps to take when W-2 has not arrived by scheduled tax appointment. Contact employer if W-2 is not received, then IRS if it is still missing after Feb. 15, 2014. How to proceed if W-2 is still missing by the return […]

Did You Get Married in 2013?

Article Highlights: E-filing is not possible if married name does not match Social Security Administration (SSA) records. Use SSA Form SS-5 to update SSA records. A married status may produce unexpected tax results. If you got married during 2013, don’t forget to notify the Social Security Administration (SSA), IRS, and Postal Service of your address […]

Understanding the Health Insurance Mandate

Beginning in 2014, the Affordable Care Act will impose the new requirement that all people in the United States, with certain exceptions, have minimum essential health care insurance or they will be subject to a penalty. How this will affect your family will depend upon a number of issues. Already Insured If you have insurance […]