THIS MONTH: |
|
 |
June 15th 2nd Quarter Estimated Tax Due |
 |
June 19th Father’s Day |
 |
July 4th Independence Day |
This month’s newsletter discusses the recent federal rule changes impacting salaried employees who will be
entitled to overtime pay in late 2016. There is also information to help protect a recently departed loved one’s identity from being stolen. These articles, plus a recent announcement from the IRS regarding audit rates round out this month’s newsletter.
THIS MONTH: |
|
 |
May 8th Mother’s Day |
 |
May 30th Memorial Day |
Spring is in the air and it is a time when tax refunds start arriving. Outlined here are five smart uses for your refund. Articles on managing student debt and a recap of Roth IRA’s round out this month’s newsletter..
THIS MONTH: |
|
 |
April 18th
Tax Returns Due |
|
April 18th
1st Quarter 2016 estimated tax payments due |
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.
THIS MONTH: |
|
 |
March 13th
Daylight Savings Time Begins |
 |
March 15th
Due Date for 1120, 1120S Corp. Tax Returns |
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.
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.
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.
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.
