Tax deadline for most individuals: Wednesday, July 15, 2020 Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision. The relief applies automatically to all taxpayers, and … [Read more...]
Tax Preparation Checklist
View or Download the TAX PREPARATION CHECKLIST (PDF form) … [Read more...]
Social Security and Medicare
Full Retirement Age If you were born in 1942 or earlier, you are already eligible for full Social Security benefits. The following chart will guide you in determining your full retirement age... Read More... Social Security & Medicare … [Read more...]
Retirement Income
Social Security retirement benefits are based on the following: Lifetime earnings. Age at time of retirement. Lifetime Earnings Higher lifetime earning result in higher benefits. The highest 35 years are used to calculate average monthly earnings. Each year is indexed for inflation to approximate what earnings for that year would be in today's dollars. Earnings for each year are also capped by the Social Security maximum earnings subject to Social Security tax for that year. … [Read more...]
Rental Income and Expenses
Rental income includes any payment received for the use or occupancy of property. In addition to normal rent payments, the following items are reported as rental income... Read More... Rental Income & Expenses … [Read more...]
Recordkeeping for Tax Purposes
Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records... Read More... Recordkeeping for Tax Purposes … [Read more...]
Individual Retirement Accounts – Roth IRAs
A Roth IRA is an individual retirement arrangement. It is a personal savings plan that gives you tax advantages for setting aside money for retirement. An account must be designated as a Roth IRA when opened. Read More... IRAs, Roth … [Read more...]
Individual Retirement Accounts – Kinds of IRAs and Prohibited Transactions
You can open different kinds of IRAs with a variety of organizations. You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. You can also open an IRA through your stockbroker. Any IRA must meet Internal Revenue Code requirements, which are listed below for various arrangements. Read More... IRAs - Types of … [Read more...]
Individual Retirement Accounts – Backdoor Roth IRA
Generally, you can only contribute to a Roth IRA if you have taxable compensation and income less than the top of the phaseout range for your filing status (see chart below). If your income is greater than that threshold amount, you are prohibited from contributing directly to a Roth IRA. A "backdoor Roth IRA" allows a taxpayer to bypass income limitations by first making a nondeductible contribution to a traditional IRA and then converting it into a Roth IRA. If the conversion happens soon … [Read more...]
Identity Theft and Your Taxes
Your identity an money can be stolen in a tax-related scam via email ("phishing"), fax, phone, or letters. Some recent examples of identity theft scams are: Phone Scam... Email phishing scam... tax transcript... IRS refunds... Read More... Identity Theft and Your Taxes … [Read more...]
