Monthly Archives: May 2016

Tax Deadlines for June 2016

Mostly every month there is some sort of a tax deadline. Well, these tax deadline for June 2016 are no different. Regardless if it is for an individual or a business, these dates are important. Continue reading

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Earn Cash Tips? IRS is Watching!

Anyone who collects cash tips must include them in their taxable income. This requirement is not limited to waiters and waitresses. It applies to anyone who collects tips period. This includes taxicab drivers, beauticians, porters, concierges, etc.

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Refund Too High? Owe Taxes? Adjust Your W-4!

Do you earn wages? Are those wages your main source of income? Did you received a very large refund — or worse, did you owed money? Maybe your employer is not withholding the correct amount of tax. Don’t get me wrong, it probably isn’t your employer’s fault. Sure, you like a big refund, but you have to remember you are only getting your own money back that was over-withheld in the first place. Why not Continue reading

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Time-Share Use as a Charitable Deduction?

Have you ever considered your time-share use as a charitable deduction? If you have ever attended a charity auction, it is not uncommon. Often you may see a week’s use of a time-share included in the items donated for auction. The time-share owners who donate these weeks do so in hoping to be able to take charitable donation deduction on their tax returns. Continue reading

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Made a Tax Mistake? File an Amended Tax Return

Did you forget something when you filed your tax return? Maybe overlooked something? Alimony income? Tip Income? Maybe another item of income? Maybe you forgot to claim a deduction or credit? It’s not too late! The good news! File an amended tax return. Continue reading

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Alimony Tax Issues

What alimony tax issues apply when paying or receiving alimony? After all, divorce can be difficult enough. Add to it that divorced individuals may have to pay or receive alimony just complicates issue. If this is your situation, here are some tips for how to correctly treat the payments on your tax return. Continue reading

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Ignoring Retirement Needs? Part 2

Retirement, Retirement needsRetirement needs are often ignored. Some people ignore the issue until late in life. They scramble at the last minute to fund their retirement. In our last blog we talked about government poverty level and predicting your retirement needs. In this blog we will tell you about the different retirement plans available to you.

As we mentioned in our last blog, since the government wants you to save and prepare for your own retirement, tax laws offer a variety of tax incentives for retirement savings plans. This is true for wage earners and self-employed individuals and their employees. These plans include: Continue reading

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Ignoring Retirement Needs? Part 1

retirement needsAre you ignoring retirement needs for your future? That tends to happen when you are younger, retirement needs are far from your mind. You believe you have plenty of time to save for it. Some people ignore the issue until late in life. Then they have to scramble at the last minute to fund their retirement. Others ignore the issue altogether. They think their Social Security income Continue reading

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