October 2nd, 2014 by Kim Chen
What triggers an IRS tax audit? While the IRS isn’t about to publish a list, there are a number of items that are known to raise the IRS’s interest in a return. Crowdfunding: Make Sure to Report Required Income Entrepreneurs, artists, charities and others may now find it easier to raise money on the Internet […]
September 17th, 2014 by Kim Chen
In a well-known Aesop’s Fable, ants stockpile food during the summer bounty, while the grasshopper sings and plays. When winter sets in, the grasshopper starves. The moral of the story is to work hard and plan ahead. In modern times, this lesson can be applied to retirement planning. What Else Does the Fed Survey Reveal […]
September 12th, 2014 by Kim Chen
When it comes to inheriting an IRA, spouses have more flexibility than other heirs. Here are the basic rules: •The surviving spouse may treat the inherited IRA as his or her own, roll it over into an existing IRA, or remain the beneficiary on the account. •As a surviving spouse, you may only treat the […]
September 6th, 2014 by Kim Chen
The prime residential real estate selling season is in full swing — and 2014 might be a good time to sell, depending on your situation. So, while prospective sellers are making their properties look like model homes in the hopes of raking in a nice profit, this is a good time to review how taxes […]
August 31st, 2014 by Kim Chen
With residential real estate markets on the upswing, many individuals once again own principal residences that are worth far more than they cost. These homes, if sold, could trigger gains far in excess of the federal home sale gain exclusion (up to $250,000 for unmarried owners; $500,000 for joint-filing married couples) with resulting substantial tax […]
August 26th, 2014 by Kim Chen
Today’s low-interest-rate environment makes it easy to loan money to family members on favorable terms with full IRS approval. Here’s a rundown of what the law covers and why now might be a good time to set up loans. Nothing in the tax law prevents you from making loans to family members (or unrelated people […]
August 15th, 2014 by Kim Chen
Paying down your home mortgage balance faster than the loan contract requires can be a more powerful concept than you might think. Not only can it provide peace of mind, it can help you build a significant retirement nest egg so you can enjoy your golden years — and live in a debt-free home. Three […]
August 7th, 2014 by Kim Chen
A few of Collier County’s residents received the phone calls from a caller purporting to be from the IRS lately. They were told they owed money to the IRS and it must be paid promptly. If the victim refuses to cooperate, they are then threatened with jail time, deportation or suspension of a business or […]
July 29th, 2014 by Kim Chen
© 2014 Thomson Reuters/Tax & Accounting The IRS just announced a new exception to the longstanding “use or lose” rule for healthcare flexible spending account (FSA) plans. Under the exception, if you have an unused balance in your FSA at the end of the plan year, you can carry over up to $500 of that […]
July 24th, 2014 by Kim Chen
Written by Ronald W. Gustason, CPA Are you concerned about becoming a victim of identity theft? Perhaps, you should be. According to the Collier County Sheriff’s Department, Collier County has one of the highest per capita incidents of identity theft. It may not be a matter of if you become a victim, but rather a […]
© 2024 Rogers Wood Hill Starman & Gustason / Privacy Notice / Disclaimer
