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The end of the year is a good time to evaluate your tax obligations so there are no surprises come filing time. Check out these top ten year end tax planning tips for what to keep in mind as you review your finances. Check on Congress The most important thing you can do this year for your year end tax planning is to keep an eye on Congress to see whether lawmakers manage to extend popular tax...

In simpler times, all you needed to welcome a new baby into your family was love and an empty drawer in which he or she could sleep. In 2015, babies are expensive and modern parents need a lot of gear: diapers, cribs, strollers and car seats—not to mention child care. The list can seem endless. And, it all adds up fast. The good news is, there are more ways than ever to offset the considerable...

The Internal Revenue Service wants to remind taxpayers born before July 1, 1945, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. “The Special Rule” Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients of...

Owning a rental property is one way to boost your income and secure your financial landscape. You may also have a golden opportunity for some serious tax breaks. Rental properties – both full time, part time, and vacation homes – can be a wealth of tax savings. Is This Tax Deductible? The key to saving money on your tax return is to take advantage of the many deductions offered to full-time...

For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments. The tax items for tax year 2016 of greatest interest to most taxpayers include the following dollar amounts: – For tax year 2016, the 39.6...

Hiring a nanny will impact your life in many ways, including your finances. In addition to the salary you pay your nanny, you are expected to pay a combination of taxes. Neglecting to do so could lead to trouble with the IRS, including large penalties. Commonly referred to as the “nanny tax,” this is nothing more than the taxes you are required to withhold from your employee, as well as the taxes...

As things stand now, the tax breaks for buying depreciable business property have been watered down for the 2015 tax year. Consider leasing business equipment instead of buying it. Generally, you can write off the entire cost of leasing without a huge upfront commitment. Also, leasing isn’t forever. If the tax breaks for buying property are revived, you may be able to quickly cash in. Here’s the...

As we get closer to the end of the year, charitable organizations and nonprofits start gearing up for year end fundraising, since many people wait until the end of the year to make their tax deductible donations. The holiday season tends to bring out more charitable attitudes of the general public. However, North Texas has a unique event each September that allows taxpayers to make their...

People often change their job in the summer. If you look for a job in the same line of work, you may be able to deduct some of your job search expenses. Here are some key tax facts you should know about if you search for a new job: Same Occupation. Your expenses must be for a job search in your current line of work. You can’t deduct expenses for a job search in a new occupation. Résumé Costs. You...

One of the first questions asked when preparing a tax return is how to file: married filing jointly, or married filing separately? The way the tax code is written, married filing jointly usually results in a lower tax bill than if filed married filing separate. For this reason, the IRS generally advises spouses to file jointly. While a vast majority of couples file jointly, there may be instances...