April 15 will be here before you know it. If you won’t be able to complete your income tax return by then, don’t forget to file a Form 4868 with the IRS to give yourself up to six additional months to get it done. Be aware, however, that an extension to file does not extend your time to pay. The...
Tags: extensions
Category: Taxes
Are you planning to give sizeable gifts to family members this year? Due to generous provisions in the tax code, you may not owe any federal gift tax, but you still might be required to a file a gift tax return. Here’s a quick review of the basic rules. Despite a common misconception, gift tax is paid by the gift...
Tags: Gift Taxes
Category: Taxes
The Affordable Care Act (called “Obamacare” by advocates and detractors alike) has become a fertile field for con artists. Now that the enrollment window is about to expire, here’s a sampling of scams currently being foisted on an unsuspecting public. * Get a new health insurance card or face jail time. It’s true that most people are required to purchase...
Tags: Obamacare scams
Category: Taxes
We have been getting several phone calls lately from folks who think that the Melissa Thomas is an owner of the Firm. Please be assured that Ms. Thomas is not an owner of DE Rodrigues and Company. Ms. Thomas is a consultant to the Firm because we acquired her practice in 2010 and her role is to assist us in...
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Category: Taxes
Planning during retirement can be just as important as planning for retirement. Payments from pension plans, social security checks, withdrawals from 401(k)s, income from a part-time job — these become your paychecks. Planning during retirement helps ensure that you remain financially independent. Two of the biggest financial decisions you’re likely to face during retirement are when to start tapping retirement...
Tags: retirement planning
Category: Taxes
If you earned $400 or more of net profit during 2013 from work as a sole proprietor or independent contractor, you may owe self-employment tax. That’s true no matter what your age – even if you’re receiving social security benefits. The tax is assessed on your net earnings from self-employment, which can include income from qualified joint ventures and partnerships,...
Tags: self employment taxes
Category: Taxes
If you intend to deduct business travel expenses on your income tax return, keep adequate records. If you are later audited, you will be able to substantiate your deductions. Your oral summary of your business expenses will not hold up to an IRS audit. Besides, audits are often a year or so after the events which make it more difficult...
Tags: Busness travel
Category: Taxes
You can receive your income tax refund in several ways: (1) direct deposit into a single checking or savings account, (2) direct deposit split into up to three different accounts in up to three different U.S. financial institutions, (3) via a paper check, or (4) purchasing up to $5,000 U.S. Series I savings bonds. Split deposits need not be in...
Tags: Tax refund options
Category: Taxes
Watch for details on a new retirement savings account called the myRA. The Treasury Department has been instructed to begin a pilot program for this new savings vehicle by the end of 2014. The myRA (my retirement account), would let workers open individual retirement accounts with as little as $25 that invest in government bonds. Contributions would not be tax-deductible...
If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they’re taxable. Here are some important facts from the IRS about unemployment compensation: 1. You must include all unemployment compensation in your income for the year. You should receive...
Tags: unemployment
Category: Taxes