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Make Plans Now for Next Year’s Tax Return

Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart recordkeeping system. Here are six IRS tips to help you start to plan for this year’s taxes: 1. Take action when life […]

Four Things to Know about Net Investment Income Tax

Starting in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your income for the year is more than certain limits. Here are four things from the IRS that you should know about this tax: 1. Net Investment Income Tax.  The […]

Retirees Face April 1 Deadline For Retirement Plan Distributions

WASHINGTON — The Internal Revenue Service reminds taxpayers who turned 70½ during 2013 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Tuesday, April 1, 2014. The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it […]

Time May be Running Out to Enroll in Health Coverage – March 31

Health Care Law Considerations for 2014 For most people, the Affordable Care Act has no effect on the 2013 income tax return they are filing in 2014. However, some people may need to make important decisions by the March 31, 2014 deadline for open enrollment. Below are five things about the health care law you […]

The Individual Shared Responsibility Payment – An Overview

Starting January 2014, you and your family must either have health insurance coverage throughout the year, qualify for an exemption from coverage, or make a payment when you file your 2014 federal income tax return in 2015. Many people already have qualifying health insurance coverage and do not need to do anything more than maintain […]

What do I need to know about the Health Care Law for 2013 Returns

For most people, the Affordable Care Act has no effect on their 2013 federal income tax return. For example, you will not report health care coverage under the individual shared responsibility provision or claim the premium tax credit until you file your 2014 return in 2015. However, for some people, a few provisions may affect […]

What You Need to Know about the Health Insurance cost on Form W-2

You may be wondering if you have to report the value of your employer-sponsored health insurance coverage, which may appear on your W-2, Wage and Tax Statement when you file your 2013 federal income tax return. Here is what you need to know about the value shown on your W-2. The health care law requires […]

2014 IRA Deadlines Are Approaching

Here is what you need to know for 2014  Provided by Milton Cooley  Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines.  *April 1 is the absolute deadline to take an initial IRA Required Mandatory Distribution (RMD). *April 15 is the deadline for making annual […]

Special Exclusion for Cancelled Home Mortgage Debt

If a lender cancels or forgives money you owe, you usually have to pay tax on that amount. But when it comes to your home, an important exception to this rule may apply in 2013.  It is our understanding that this exclusion expired on December 31, 2013 and has not been renewed by congress.  Therefore, […]

Four Tax Facts about the Health Care Law for Individuals

There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015. 1. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014. 2. If […]