April 2016

THIS MONTH:
April 18th
Tax Returns Due
April 18th
1st Quarter 2016 estimated tax payments due

In this issue:

Happy tax filing month. To help celebrate, this month’s newsletter includes a fun tax quiz exploring tax laws created by states trying to capture other state’s tax revenue. There is a reminder to help your favorite charitable organizations retain their non-profit status and an interesting article discussing the new Gig economy term used by our political candidates rounds out this month’s newsletter.

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March 2016

THIS MONTH:
March 13th
Daylight Savings Time Begins
March 15th
Due Date for 1120, 1120S Corp. Tax Returns

In this issue:

In honor of the IRS’ annual announcement of their Dirty Dozen Tax Scams, this month’s newsletter is a collection of twelves. In addition to a summary of the relevant IRS scams, is a recap of a dozen common IRS penalties and a dozen things every high school student should know.

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January 2016

2016 Retirement Contribution & Social Security Limits

As the end of the year rolls around, if you have not already done so, now is the time to plan for contributions into your retirement accounts in 2016.

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December 2015

Want Federal Money for College?


As the year winds down, will you be ready for the application of all the new tax laws incorporated into 2015? Please take a moment to review your situation while there is still time to act prior to year-end. This is especially true if you have kids going to college and you need to file the annual FAFSA report to obtain financial aid. While you are at it, why not consider an annual credit check up and consider ideas offered below to reduce this year’s tax obligation.

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November 2015

Tax Savings Ideas are Still Available
As the end of the year approaches, there is still time to make moves to manage your tax liability. Here are some ideas to consider before the glitter ball drops in Times Square.

Maximize your retirement plan contributions. This includes IRAs and 401(k) plans at work. Given the contribution limits in 2016 are not increasing, now is the time to maximize the contribution potential for this year.

Estimate your current and next year taxable income. With this estimate you can determine which year receives the greatest benefit from a reduction in income. By understanding what the tax rate will be for your next dollar earned, you can understand the tax benefit of reducing income for this year versus next year.

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