Don’t overlook FBAR filing requirement

If you hold foreign bank or financial accounts and the total value of your account exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It's easy to overlook this requirement because it's separate from your federal income tax filing, with a [...]

By |2015-06-01T07:25:20-05:00June 1st, 2015|Tax|

Roth IRAs: A smart tax idea for children

Persuading your working children to make retirement contributions may not be easy, but investments in Roth IRAs may be the wisest possible use of their earnings. The nature of Roth IRAs, coupled with the effects of long-term compounding, can create exceptional returns on such early investments. Although contributions to Roth IRAs are not deductible, earnings [...]

By |2017-06-17T19:16:53-05:00May 4th, 2015|Tax|

Warning: Watch out for aggressive phone scams again this tax season

The Treasury Inspector General for Taxpayer Administration (TIGTA) is warning taxpayers about one particular category of tax scams that has proven to be very widespread, very aggressive, and very relentless. Callers claim to be IRS employees, and they tell their intended victims that they owe taxes that must be paid immediately using a prepaid debit [...]

By |2017-06-17T19:16:53-05:00February 2nd, 2015|Tax|

Congress retroactively extends tax breaks for 2014

In its final session of the year, Congress extended a long list of tax breaks that had expired, retroactive to the beginning of 2014. But the reprieve is only temporary. The extensions granted in the Tax Increase Prevention Act of 2014 remain in effect through December 31, 2014. For these tax breaks to survive beyond [...]

By |2017-06-17T19:16:54-05:00January 5th, 2015|Tax|

Foreign Bank Account Reporting (FBAR) deadline is June 30

If you hold foreign bank or financial accounts and the total value of your account exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It's easy to overlook this requirement because it's separate from your federal income tax filing, with a [...]

By |2017-06-17T19:16:54-05:00June 2nd, 2014|Tax|

How to Ease Financial Stress After a Spouse’s Death

 The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you'll have to make important decisions while you're in what could be the most vulnerable and distracted stage of your life. The suggestions that follow might at least help ease your financial stress. Don't make major decisions right [...]

By |2017-06-17T19:16:54-05:00May 7th, 2014|Tax|

Take a penalty-free IRA withdrawal for medical expenses

Are you considering withdrawing funds from your traditional IRA to pay unexpected medical costs? You may be hesitating because of the 10% penalty imposed on withdrawals made when you're under age 59½. Since the 10% is calculated on the total you withdraw, the tax hit could be substantial. Worse, the penalty typically is not withheld [...]

By |2017-06-17T19:16:55-05:00February 6th, 2014|Tax|

Recent Tax Developments

Dear Clients, Associates, and Friends: The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage [...]

By |2017-06-17T19:16:55-05:00January 9th, 2014|Tax|

An HSA may be a good choice for you…

Health savings accounts (HSAs) allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. You might find an HSA to be the right choice for you and your family. The 2014 contribution limit to an HSA is $3,300 for individuals and $6,550 for [...]

By |2017-06-17T19:16:55-05:00January 2nd, 2014|Tax|

IRS Publishes 2014 HSA Contribution Limits

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2014. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2014 contribution limit for individuals is $3,300; the limit for family coverage is $6,550. A catch-up [...]

By |2017-06-17T19:16:55-05:00August 7th, 2013|Tax|
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