Final Estimated Tax Payment Due January 15
This is a friendly reminder that the final estimated tax payment for 2014 is due by January 15.* If you owe estimated taxes, make sure to submit them to the IRS (or your state) in order to prevent an underpayment penalty. Individuals must pay estimated taxes if all three are true: You expect to owe more than […]
Cheap Gas and the Push for Higher Taxes
U.S. gas prices have plummeted in recent weeks, dropping them to the lowest levels we have in seen in the last few years. According to the AAA Fuel Report, the national average for a gallon of gas is $2.19, which is significantly lower than the average of $3.32 one year ago. If you are interested to […]
Additional Tax Law Changes for 2015
I have touched upon the main tax issues that will changing in 2015, but below are a few additional issues that you should be aware of when beginning to plan for 2015: Limited to One IRA Rollover per Year: Any taxpayer who receives an IRA distribution on or after January 1, 2015, will not be […]
Professional Gamblers Tax Guide
The start of the new year brings many resolutions, some that will be kept and others that will be broken. Whether it is a resolution, or not, everyone should make an effort to begin documenting their tax year starting today. Many of my clients have heard me say this year after year, and most of […]
Finalized Hospital Regulations Protect Patients
More than half of the hospitals in the U.S. are tax-exempt charitable organizations. Last week, the Department of the Treasury finalized a provision that holds charitable hospitals to a higher standard and protects many of the patients treated at these facilities. Although many of these provisions have been in effect for the past four years, […]
Employer Tax Mandate: A Helpful Guide
Individuals aren’t the only ones who need to deal with changing health care regulations in the new year. Beginning this year, the employer mandate will go into effect, requiring certain employers to offer health insurance to employees. Although tax preparers have been aware of this mandate for quite some time, not all business owners have […]
State Tax Rates to Change in 2015
The following state tax rate changes will be in effect beginning January 1, 2015: Arizona: Corporate income tax rate drops from 6.5% to 6.0% Illinois: Income tax rate drops from 5% to 3.75% and corporate income tax rate drops from 9.5% to 7.75% Indiana: Income tax rate drops from 3.4% to 3.3% and corporate income […]
New Retirement Distribution Rules for 2015
The IRS has modified the rule regarding retirement plan rollovers to multiple qualified destinations. The previous rule (which is in effect until December 31, 2014) considered each destination from a retirement plan distribution to be a separate distribution. This meant that if you had both pre-tax and post-tax contributions in your retirement plan, you were not […]
Tax Season to Begin January 20
Its official! The IRS has announced that tax season will begin on-time and, despite the tax extenders delay, tax preparers will be able to electronically file returns beginning January 20. I must say, I am impressed that the IRS, which is not known for its agility, does not need to push back the start of tax […]
Supreme Court Ruling to Impact Affordable Care Act
The Supreme Court will hear King vs. Burwell in the early months of 2015 and its decision could have a substantial impact on the new healthcare mandate. The case will determine which individuals are eligible to receive the Premium Tax Credit. This credit is currently available to individuals that purchase their health care through a state […]
