April 4th, 2016 by Christian Wynns
Some lucrative federal income tax credits for certain energy-efficient home improvements were extended recently. The extensions were part of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), which became law on December 18, 2015. Here’s what you need to know to cash in on these tax breaks. Credit for Energy-Efficient […]
March 30th, 2016 by Christian Wynns
Did you turn age 70 1/2 in 2015? If so, an important date is coming up soon. By April 1, 2016, you must begin taking required minimum distributions (RMDs) from your traditional IRAs — or face a steep penalty. (Lifetime distributions don’t need to be taken from Roth IRAs at any age.) A participant […]
March 28th, 2016 by Christian Wynns
The IRS kicked off tax filing season by publishing a series of press releases that highlight the “dirty dozen” tax scams for this year. Although there are no major surprises, it’s important to note that these scams have become increasingly technology-driven in recent years. Taxpayers can use this list to avoid becoming the victim or […]
March 24th, 2016 by Christian Wynns
The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, […]
March 21st, 2016 by Christian Wynns
Legislation enacted a few years ago made permanent changes to the federal estate and gift tax rules. Specifically, here are the significant estate changes in the American Taxpayer Relief Act: * The 2016 federal estate tax exemption is $5.45 million for estates of individuals who die in 2016 (up from $5.43 million in 2015). A […]
March 17th, 2016 by Christian Wynns
Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following […]
March 11th, 2016 by Christian Wynns
Attending college or graduate school is one of the biggest investments you’ll ever make — and spring is the time schools normally announce who’s in and who’s out. If you or your child (or grandchild) plans to attend an institution of higher learning in the fall, May 1 is often the deadline for selecting a school. […]
March 9th, 2016 by Christian Wynns
The following table provides some important federal tax information for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation. Social Security/ Medicare 2016 2015 Social Security Tax Wage Base $118,500 $118,500 Medicare Tax […]
March 7th, 2016 by Christian Wynns
This year’s presidential election has drawn significant attention, but the elections you make on your 2015 personal tax return can be just as important to your financial welfare. Here’s a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers […]
March 5th, 2016 by Christian Wynns
The IRS has seen an approximate 400% surge in phishing and malware incidents so far this tax season. The emails are designed to trick taxpayers into responding to official communications that lead to websites designed to imitate official looking websites. The sites ask for social security numbers and other personal information. The sites also […]
© 2024 Rogers Wood Hill Starman & Gustason / Privacy Notice / Disclaimer
