The Individual Shared Responsibility Payment
Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: Maintain a minimum level of health care coverage – known as minimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing their federal income tax returns.
IRS Tip Sheet on Gambling Income and Losses
Whether you like to play the ponies, roll the dice or pull the slots, your gambling winnings are taxable. You must report all your gambling income on your tax return. If you’re a casual gambler, odds are good that these basic tax tips can help you at tax time:
In 2015, Various Tax Benefits Increase Due to Inflation Adjustments
For tax year 2015, the Internal Revenue Service announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments.
New Standard Mileage Rates Now Available; Business Rate to Rise in 2015
The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
2014 Tax Considerations
CLICK HERE to download the PDF The followings are articles regarding tax law changes and are categorized in: Individual Income Tax Provisions Education Trust, Estate and Decedent Income Tax Estate, Gift and Generation-Skipping Transfer Taxes Pension and IRA Provisions Business Provisions Things to Consider Before The End of 2014 2014 Tax Rate Schedule 2015 Tax Rate…
Top 4 Year-End IRA Reminders
Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs from the IRS:
Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement
Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service.
Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31
The Internal Revenue Service reminded taxpayers born before July 1, 1944, that they generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
6 IRS Tips for Year-End Gifts to Charity
Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind:
New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify
The Internal Revenue Service introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily.
