financial

IRS: Partners Cannot be Employees

The IRS issued temporary regulations intended to halt the practice some partnerships have adopted of treating partners as employees of a disregarded entity owned by the partnership so they can be included in employee benefit plans and receive other benefits. However, the IRS is also asking for comments on when it might be appropriate to… Read more »

IRA Charitable Donations: An Alternative to Taxable Required Distributions

You can make cash donations to IRS-approved charities out of your IRA using so-called “qualified charitable distributions” (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 1/2. It expired at the end of 2014, but QCDs were made permanent for 2015 and beyond under the Protecting Americans from Tax Hikes (PATH)… Read more »

For Richer or Poorer: Financial and Legal Considerations in Marriage

Last year, the average U.S. wedding cost $32,641 — including engagement rings but excluding honeymoons — according to the 2015 Real Weddings Study published by The Knot, a wedding marketplace and concierge service. That staggering amount represents an increase of more than $5,500 over the past five years. On average, the couple foots 43% of… Read more »

Five Last-Minute Moves to Lower Your 2015 Tax Bill

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following… Read more »

10 Elections That Can Save Money on Your 2015 Federal Taxes

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… Read more »

IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks: 1. Provide the forms to the recipients and 2…. Read more »

Important Tax Figures for 2016

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 Wage Base… Read more »

Are your finances fit for 2016?

Have you achieved all of the goals you set for 2015? If some of your 2015 New Year’s resolutions remain unresolved, don’t get discouraged. There’s no time like the present to cross a few items off your to-do list after the holidays. Doing so will ward off the post-holiday blues and set a positive tone… Read more »