Splitting Inherited IRAs before Year’s End
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Protecting Yourself from Scams, ID Theft and Cyber Criminals
Article Highlights: ID Theft What’s in Your Wallet or Purse Phony E-mail Pop-up Ads Only Access Secure Websites Avoid Phishing Scams Security Software Educate Children Passwords Phony Charities Impersonating the IRS Back Up Files If It Is Too Good to Be True As much as the Internet has changed our lives for the good, it […]
Don’t Forget Your Minimum Required Distribution for 2012
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Why Tax Basis Is So Important
Article Highlights: Definition of Tax Basis Cost Basis Adjusted Basis Gift Basis Inherited Basis Record Keeping For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; […]
Who Controls the Funds in a Section 529 Plan?
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Forget Something on Your 2018 Return?
Article Highlights: Tax Reform Problems Corrected 1099s and K-1s Overlooked Income and Deductions Marital Issues Mitigating Penalties The Need for Prompt Amendments If you forgot to include necessary information on your 2018 return, you are not alone. In addition, you may have received a revised 1099 or K-1 since filing your return. The IRS has […]
Not Too Late to Make a Tax-Free IRA Distribution to Charity for 2012
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
What to Do If You Receive a Dreaded IRS Letter
Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund is all but gone. However, the IRS still sends letters that […]
Using a 529 Plan to Pay for Your Child’s College
A Section 529 plan is a great way to fund your child’s college education. For income tax purposes, it works like this: no tax deduction for the money you put into the plan, tax-free growth inside the plan, and tax-free distribution when the money or prepaid tuition is used for college. For gift-tax purposes, the […]
Prepared for the New Surtax?
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]