Archive for the Taxes Category

2015 IRA and Retirement Plan Contribution Limits

Categories: Retire, Taxes

The Internal Revenue Service (IRS) published the updated new rules for contributions into retirement plans and IRAs for 2015. Some of these numbers have increased, and are good for you to know if you participate in IRAs (individual retirement accounts) or retirement plans like 401(k)s, sponsored by employers. The most an individual can contribute to… Read More »

13 Year End Tax Tips to Save You Money

Categories: Giving, Invest, Taxes

13 Key things to consider before the end-of-year to save taxes Overview.  This article will help you Take the Mystery out of Personal Tax Planning by providing some year-end tax savings tips.  (This article does not include special issues that relate to business or self employment). This is to serve as a general guide to help you… Read More »

The Fiscal Cliff Deal, Winners and Losers & What It Means To Your Personal Finances

Categories: News, Taxes

The showdown in Washington over Federal taxes and spending ended with an agreement signed into law this week. Here are the losers and winners that we can see at this point. Further analysis is forthcoming of H.R.8 – American Taxpayer Relief Act of 2012, and will be reported to you later this month. Winners Overall Taxes: Joint… Read More »

Do you want to know what the fiscal fight is really about?

Categories: News, Taxes

This is a non-partisan article about what the fiscal cliff fight is really about. It is a philosophical battle, but if you read the newspapers, and watch TV news, you will not get this story. Believe you me, I have watched and read many commentaries and opinions about this, but no one has yet to boil… Read More »

Tax Planning: In Uncertain “Fiscal Cliff” Times & Year End Tax Planning

Kevin Koval, CPA, ABV, CFP and Roger C. Nagel, CPA, CMA of Nagel, CPAs* With the completion of the presidential elections there has been much discussion focused on the so-called “fiscal cliff”. Many economic forecasts have stated that President Obama and Congress need to reach some agreement to avoid the fiscal cliff if the nation is… Read More »

Rules for Tax Deductions, Reporting and Privacy of contributions to Charities and Political Groups

Categories: Taxes

There are many regulations regarding the reporting requirements, privacy and income tax deductibility of cash donations to organizations. Here is a brief list of some of the rules for cash gifts: Non-Profit charities 501(c)3 institutions include schools, churches, universities, hospitals and politically titled groups with a main emphasis of education. Deductions for contributions are limited to… Read More »

Obama Versus Romney Tax Rates

Categories: News, Taxes

The presidential race tax debate faces Romney’s lowering them 20% for all, versus Obama’s increasing them for those in middle to higher incomes. For quite a while the tax burden has continued to shift to higher income people, and those on the opposite end pay less and less taxes, per the Wall Street Journal. If you… Read More »

Future of the Federal Estate Tax

Categories: Taxes

The Federal Estate Tax is the tax paid on assets that transfer at death. The current top rate is 35%, but it could increase to 55%, reverting to the 2001 tax rules if Congress doesn’t continue the lowering of tax of the Bush Administration. The current tax only applies to estates of $5,000,000 or larger, but… Read More »

Tax Prep Assistance

Categories: Taxes

People have many option these days for tax preparation, all have their strengths and weaknesses: Doing it yourself: Tax preparation software like Turbo Tax, Tax-Cut, or just doing it in paper and pencil can be learning self educating experiences for those willing to invest their time. The software is easier to use and is getting better all… Read More »

What to do with your Tax Refund

When we find out we are going to receive what might be thousands of dollars in tax refunds from the Federal or State Governments, we have two competing impulses:  wants versus needs. Those that are struggling may want to give this issue serious consideration, because any windfall like tax refunds or bonuses can really help us… Read More »