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Monthly Archives: June 2015

Do mutual fund tax planning at midyear

Are mutual funds part of your portfolio? As you begin your mid-summer investment review in preparation for year-end, think about how your funds can affect your federal income taxes. Here are two things to consider. Dividend income. The dividends you … Continue reading

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Check the “support” test to maintain dependent deductions

Keep your college student qualified as your dependent by meeting the “support” test. Generally, your child cannot provide over one-half of his or her own support during the year. Add up funds your child will have received from work, student … Continue reading

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IRS announces 2016 HSA limits

The 2016 inflation-adjusted amounts for health savings accounts (HSAs) have been released by the IRS. Individuals will be allowed to contribute up to $3,350, and contributions for family coverage will be limited to $6,750. As before, an individual aged 55 … Continue reading

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IRS releases proposed regulations for ABLE accounts

If your family includes a child who was disabled before the age of 26, you may qualify for the Achieving a Better Life Experience (ABLE) program offered through your state. These accounts are intended to be used to help a … Continue reading

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Be aware of the AMT

As you review your income tax situation at midyear, consider your exposure to the alternative minimum tax (AMT). The alternative minimum tax involves a separate tax calculation that disallows many of the deductions and credits used to calculate regular income … Continue reading

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Summertime tax tip

If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a vacation home if it has sleeping quarters, cooking facilities, and a bathroom. If … Continue reading

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Due date for FBAR approaching

June 30 is the date by which the report on foreign financial assets and accounts (FBAR) must be received by the Treasury Department. Contact us if you have foreign bank accounts or foreign holdings.

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IRS intent to levy letters

If you have received a letter from the IRS that says; “Notice of intent to seize (“levy”) your property or rights to property, Amount due immediately,” they do mean business. They will, with the law on their side, take the … Continue reading

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IRS issues reminder on child tax credit

Working parents should be aware that the child and dependent care tax credit is available to offset some of the expenses for child care. Six facts the IRS wants taxpayers to know about the credit: ● Children must be under … Continue reading

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Legislation introduced to improve IRS customer service

Senators Grassley, R-Iowa, and Thune, R-SD have introduced The Taxpayer Bill of Rights Enhancement Act of 2015 in an attempt to enhance taxpayer protection and improve IRS customer service. The bill will also provide for an increase in civil damages … Continue reading

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