Still Time to Make Your IRA Contribution for the 2014 Tax Year

Tweet Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA. • Age rules. You must be under age 70½ at the [...]

IRS Voluntary Disclosure Regime Expands Maximum Penalty Bracket

Tweet The IRS recently announced an expansion of the list of banks and advisors that trigger the highest penalty bracket within its Offshore Voluntary Disclosure Program. The addition of Sovereign Management & Legal, Ltd. and Bank Leumi to the increased penalty list will have repercussions in Asia, Israel and the United States as their clients [...]

Big Changes on the Way for Nonprofit Accounting

Tweet The Financial Accounting Standards Board is getting ready to unveil a set of proposals that could have a major impact on the way nonprofit organizations present their financial statements. The board voted earlier this month to issue a proposed accounting standards update that would include improvements to the current net asset classification scheme and [...]

Feds Push Special ACA Enrollment and Warn of Tax Penalties

Tweet In a last-minute push before a special enrollment began, officials from the Centers for Medicare and Medicaid Services and Treasury Department Friday wanted to remind consumers to sign up for coverage and avoid fees seen in this year’s tax season. “We’re certainly not in the business of looking to collect fees or to penalize [...]

Do you want a big tax refund or bigger paycheck?

Tweet Americans may hate the annual tax-filing season, but they certainly welcome the refunds that are issued each year. In fact, more than half of those who participated in Bankrate’s March Money Pulse survey say that they expect to get or have already received their IRS tax refund from the Treasury Department. That’s not surprising. [...]

How Taxes Should Affect an Investor’s Asset Allocation

Tweet <p> Taxes are an important but often overlooked consideration for investors with taxable portfolios. Taxes should affect the asset-allocation strategy of these portfolios in a variety of ways, and impact the relative attractiveness of different types of investments. For example, bonds are relatively inefficient investments from a tax perspective, because the investor realizes all [...]

Taxpayers in Increasing Numbers Find Help from IRS.gov

Tweet <p> WASHINGTON — As taxpayers are preparing their returns, they continue to turn to the information and tools on IRS.gov, which can assist anyone preparing a return. Visits to IRS.gov have increased by 11 percent compared to the same time last year, totaling more than 215 million visits according to filing season statistics released [...]

What’s new in offshore tax compliance?

Tweet <p> Two financial institutions have been added to the 50% penalty list, and the IRS has made clear that streamlined compliance will require some effort from taxpayers. Do you still have clients who have not come forward to report their unreported offshore accounts? The reasons to come forward have gotten ever more compelling and will [...]

Which Legal Fees Can You Deduct On Your Taxes?

Tweet <p> No one likes paying legal fees, but tax deductions make them a lot less painful. A combined 40% state and federal tax rate means $10,000 in legal fees costs you only $6,000. But personal legal fees are non-deductible, and that makes them the least desirable fees. If you pay legal fees to get divorced [...]

How Taxes Should Affect an Investor’s Asset Allocation

Tweet <p> Taxes are an important but often overlooked consideration for investors with taxable portfolios. Taxes should affect the asset-allocation strategy of these portfolios in a variety of ways, and impact the relative attractiveness of different types of investments. For example, bonds are relatively inefficient investments from a tax perspective, because the investor realizes all [...]

Save money with recent IRA and 401(k) changes

Tweet <p> You might be able to save money with two out of the three recent IRA and 401(k) changes outlined here. The IRS ruled late last year that after-tax contributions to 401(k)s can be rolled over to Roth IRAs. If you had enough foresight—and fortune—to maximize your pretax savings in a traditional 401(k) and invest [...]

Taxpayers Ready to Do More to Fight Tax Fraud

Tweet <p> Taxpayers are willing to go through more steps when preparing their tax returns, such as confirming their identifications and proving additional documentation, if it can help combat tax fraud and identity theft, according to a new survey. The survey, by H&R Block, found that 96 percent of consumers are willing to take action to [...]

Saved from the Jaws of the IRS: 7 Non-Taxable Sources of Income

Tweet <p> In general, you’re taxed on income from jobs, savings, investments and most other sources. There, are, however, exceptions; counting them as income will cost you valuable dollars. Here are some items that remain beyond the reach of the Internal Revenue Service. Be sure to carefully separate out income, so you’re not inadvertently paying [...]

Cars — Buying, Leasing, Taxes and the IRS

Tweet <p> So why is she doling out advice on deciding between an automobile lease and a purchase? Because (and be sure to put on your surprised face here) Uncle Sam has some complicated rules governing tax deductions for business miles driven, rules that may strongly influence your decision to buy a Neon or lease [...]

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