March 11th, 2016 by Christian Wynns
The Baby Boomer generation reached its peak in 1957 at an annual birth rate of about 4.3 million people. It’s hard to believe that these Baby Boomers will turn 59 years old in 2016. An important rite of passage that comes with this age is that they’ll soon be eligible to withdraw funds from their […]
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 […]
March 3rd, 2016 by Christian Wynns
Medical expenses can be costly — and they’re not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here […]
March 1st, 2016 by Christian Wynns
In the days after a person dies, some family members may decide to take matters into their own hands. These individuals may have a key to the home and decide they are going to take items they want. Before the will is even read, furniture, jewelry, artwork and other items may disappear. Cash around the […]
March 1st, 2016 by Christian Wynns
If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS […]
February 20th, 2016 by Christian Wynns
The reason: Investments held in a Roth IRA are allowed to build up federal income-tax-free. Later on, you can take federal income-tax-free withdrawals. Obviously, a zero tax rate is the best rate going. In addition to being great tax saving tools for retirement, Roth IRAs also provide tremendous estate planning advantages — especially if you […]
February 16th, 2016 by Christian Wynns
The IRS has again delayed the due date for providing required basis information of inherited assets to the IRS and beneficiaries of taxable estates, this time until 3/31/16. The reporting requirements were signed into law on 7/31/15 as part of the Highway Act and are effective for Form 706 filed after 7/31/15. Under the law, […]
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