Posts Tagged ‘2016 taxes’

Take Retirement Plan Distributions by December 31

Taxpayers born before July 1, 1946, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year, in this case, 2016. The required distribution rules apply to owners of traditional,…

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Reminder: College Tax Credits for 2016

With another school year in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. American Opportunity Tax Credit or Lifetime Learning Credit. In general, the American…

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2016 Tax Provisions for Individuals: A Review

Many of the tax changes affecting individuals and businesses for 2016, arose from the Protecting Americans from Tax Hikes Act of 2015 (PATH) which modified or made permanent numerous tax breaks (the so-called “tax extenders”). To complicate matters, some provisions were extended only through 2016, and are set to expire at the end of this…

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