If you got a big tax refund or owed the IRS a lot of money when you filed your 2013 tax return, it may be time to adjust your income tax withholding. Many people like to receive a refund from the IRS, thinking of it as a form of forced saving. If you’re of this opinion, that’s fine. But too...
Tags: Tax Payments
Category: Taxes
For years, the IRS has interpreted the IRA rollover rules to mean that a taxpayer could do one rollover per year for each IRA he or she owned. In doing a rollover, the taxpayer is not taxed on the funds taken from the IRA so long as the funds are redeposited into an IRA within 60 days of the withdrawal....
Tags: IRA Rollovers
Category: Taxes
A recent study conducted by Harris Interactive of 1,000 middle class individuals aged 25 to 75 revealed some interesting statistics about retirement attitudes. Among the survey’s findings: * 37% of respondents say they don’t expect to retire; instead they expect to work until they are too sick or die. * 59% said retirement is not their top priority; their priority...
Tags: retirement concerns
Category: Taxes
There has been a lot going on lately about this discovery so I posted this from an email sent to me by our systems consulatant, Todd Herman at A Tech for Hire, Inc. in Fairhaven: If you have not yet heard of the Heartbleed bug, I will inform you. Heartbleed is essentially a security flaw in a major part of...
Tags: Heartbleed Bug
Category: Business
Did you discover that you made a mistake after you filed your federal tax return? You can make it right by filing an amended tax return. Here are some things to know about filing an amended tax return. 1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors on your tax return. You must file an amended...
Tags:
Category: Taxes
If you made IRA contributions or you’re thinking of making them, you may have questions about IRAs and your taxes. Here are some important tips from the IRS about saving for retirement using an IRA 1. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA. There is...
Tags: IRA contributions
Category: Taxes
On February 10, 2014, the Treasury Department issued rules that will allow mid-sized businesses to delay for one year the requirement to provide health insurance for their workers. The rules also offered some relief for larger companies. Businesses with 50 to 99 employees will now have until January 1, 2016, to provide minimum, affordable health insurance to their employees, or...
Tags: affordable care actobamacare
Category: Taxes