June 13th, 2016 by Christian Wynns
For 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes. The annual […]
June 9th, 2016 by Kim Chen
On 5/10/16, the IRS announced that some taxpayers that made payroll tax deposits by April 18, but after April 15 (which was a legal holiday in the District of Columbia), were erroneously assessed failure-to-deposit penalties. The IRS has resolved this error and will update taxpayer accounts accordingly. Taxpayers, who received a notice (CP161) of a […]
June 4th, 2016 by Kim Chen
In a recent news release, the IRS warns taxpayers about the latest tax scam in which IRS impersonators call students and demand payment for a nonexistent “Federal Student Tax.” The scam generally involves threats of criminal prosecution if the student fails to immediately wire funds to the scammer. The IRS reminds taxpayers that it will […]
June 1st, 2016 by Christian Wynns
U.S. citizens and resident aliens living overseas or serving in the military outside the U.S. must file their 2015 income tax returns by 6/15/16. To use this automatic two-month extension, taxpayers must attach a statement to their return explaining which of these situations (i.e., living overseas or serving in the military outside the U.S.) applies. […]
May 27th, 2016 by Christian Wynns
Today’s college students often leave school with an overwhelming amount of debt. In some cases, student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. Both actions have tax consequences for the student loan borrowers. We’ll explain the tax implications, but first, let’s […]
May 19th, 2016 by Christian Wynns
Even if you have a valid will, you may need to draft a new one for a variety of reasons. A will is an essential part of planning for the future. But don’t think creating a will is a one-time proposition. Even if you have a valid document, you may need to draft a new will for […]
May 10th, 2016 by Christian Wynns
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, […]
May 6th, 2016 by Christian Wynns
Here’s a reminder about the tax rules for owners of Savings Bonds. Generally, interest on savings bonds must be reported as income on the 1040 in the year the bonds mature or when they are redeemed, whichever is earlier. Holders of HH bonds report and pay US tax on interest annually as it’s paid to them. […]
May 4th, 2016 by Christian Wynns
Maybe it’s a good thing that the April 15th federal tax deadline coincides with the urge to spring clean. It feels good to throw out some of the financial records stuffing your filing cabinets. But before you head for the dumpster, make sure you’re not disposing of records you may need. You don’t […]
April 12th, 2016 by Christian Wynns
Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction. Most itemized deductions are well known and fairly well-understood. Examples include property taxes, home mortgage interest, state and […]
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