Month: May 2016

Archive for May 2016

Employee Business Expenses

In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are five other facts you should know: Ordinary and Necessary. You can only deduct unreimbursed expenses that are ordinary and necessary to…

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Qualified Charitable Distributions from IRAs

If you’re age 70 1/2 or older, you can now take advantage of recent legislation allowing you to avoid paying income tax on IRA withdrawals transferred directly to a qualified charitable organization. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution. Here’s…

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Penalties for Filing a Late Tax Return

If you are due a refund, there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely owe interest and penalties on the tax you pay late. Here are some facts that you should know about penalties for…

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Tax Planning Strategies to Use This Year

Looking to save money on your taxes this year? It’s never too early to start planning ahead using these proven tax planning strategies. Max Out Your 401(k) or Contribute to an IRA You’ve heard it before, but it’s worth repeating, because it’s one of the easiest and most cost-effective ways of saving money for your…

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Lost Your Job? There Could Be Tax Consequences

Given current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I receive unemployment compensation in 2016? A: Unemployment compensation you receive under the unemployment compensation laws of the United States or of a state are considered taxable income and must be…

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