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If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file your tax return. Here are ten of those benefits: 1. Deadline Extensions. Qualifying military members,...

The holiday season is upon us. In addition to the personal satisfaction that comes from giving, many individuals and business owners ensure their gifts are qualified tax deductible charitable donations. Charitable giving benefits worthy organizations, but it can benefit you too by saving money on your taxes. However, not every donation qualifies. Consider the following five tips for making...

For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. It’s worth noting that these are the numbers effective beginning January 1, 2015 — not for 2014 tax returns filed in 2015. Tax Brackets: This...

Most people spend years working closely with their financial adviser, accumulating money in their retirement accounts. When the time comes to reap the rewards of all those years of labor, the reality of how much you’ll be taxed on your withdrawals hits you. While you can’t completely avoid being taxed on accounts that were tax-deferred, you can implement a strategy that is advantageous. Consider...

Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll owe when you file your tax return: Adjust your withholding. If you’re an employee and...

The impediments to same-sex marriages throughout the country are being washed away. This trend has continued in the wake of the landmark Supreme Court decision last year (Windsor v. U.S, No. 12-307, 6/26/13) invalidating Section 3 of the Defense of Marriage Act (DOMA). In the latest development on October 6, 2014, the U.S. Supreme Court refused to hear cases from five states — Indiana, Oklahoma,...

Many have touted the downfalls and inconveniences of the Affordable Care Act, but did you know there are advantages to small businesses? New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can help them provide insurance to their employees. For tax years beginning in 2014 and after, the maximum credit is 50...

Fall has officially begun, and as October begins, so does the holiday season. Now is the time many begin thinking about gifts for loved ones during the next few months. If you give large gifts, you may be obligated to report it to the IRS. For 2014, everyone has an annual exclusion amount of $14,000 (or $28,000 for married filers). That means that if you want to give someone a gift larger than...

The 2013 tax extension deadline is less than a month away on Wednesday, October 15th. If you missed the first April 15th tax deadline and had to file an extension, you may be still procrastinating and will be rushing to make the final October 15th tax deadline. There’s no need to worry if you start preparing now. Follow these simple tips and you will be on your way to beat the tax deadline and...

Grandparents Day was this past Sunday, September 7th. In honor of National Grandparents Day, we’re sharing a piece from Accounting Today with tax advice for grandparents, written by Michael Cohn, below: Fred Slater, CPA and Ellen Minkow, CPA, a pair of tax and financial advisors at MS 1040 LLC in New York City, have two children each and no grandchildren yet (though they reportedly are still...