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by Stephen Register | Dec 3, 2016 | Blog
Many people save money for retirement in a traditional IRA. The funds might have come from annual IRA contributions, or from rolling over an employer sponsored retirement account such as a 401(k). Either way, the dollars in your traditional IRA are probably pretax, so...
by Stephen Register | Dec 2, 2016 | Blog
As part of the Protecting Americans from Tax Hikes (PATH) Act passed in late 2015, Congress is now requiring that businesses submit Forms W-2 and some Forms 1099-MISC to the Social Security Administration by January 31st. Previously, employers had until the end of...
by john.broadfoot@tjtpa.com | Dec 1, 2016 | Blog
The PATH Act’s many provisions also include a permanent increase in the amounts allowed under IRC Section 179, which permits rapid deduction (expensing) of funds spent for business equipment. For 2015, expensing up to $500,000 of equipment was allowed with no phaseout...
by john.broadfoot@tjtpa.com | Sep 28, 2016 | Blog
Business owners may need capital to support growth, and the money in their IRA can be tempting. Nevertheless, the pitfalls can be steep, as illustrated in a recent Tax Court case (Thiessen v. Commissioner, 146 T.C. No. 7 [3/29/16]). Here, the court ruled that because...
by john.broadfoot@tjtpa.com | Sep 22, 2016 | Blog
Free money for your retirement Many companies offer 401(k) or similar retirement plans to their employees, and an employer match might be available. If that’s the case, you should contribute to the plan at least enough to get the full match. Example 1: Melissa...
by john.broadfoot@tjtpa.com | Sep 20, 2016 | Blog
Besides financial aid, specific tax benefits can reduce the net cost of sending a child to college. Among the three major tax breaks—American Opportunity Tax Credit, Lifetime Learning Credit, tuition and fees deduction—you can claim only one on your tax return....
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