Who\’s a Dependent?

[mp_row] [mp_span col=\”12\”] To most of us, the word \”dependent\” is synonymous with \”child,\” but the IRS\’s definition is a little different. For tax purposes, a dependent must be either a \”qualifying child\” or a \”qualifying relative.\” To be a qualifying child, the child must: Live in your home for over half the year Be …

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Small Business Retirement Plans

Does your business offer a retirement plan? Whether you\’ve recently started a business or have been operating one for some time, setting up a retirement plan can be beneficial to both you and your employees. Besides providing strong tax incentives to defer income and save for retirement, retirement plans can help you reward and retain …

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Year-end Income-tax Planning

Year-end income-tax planning, as 2014 winds down, consider some of the following suggestions for saving on your taxes both this year and in 2015. Pay Fourth Quarter Estimated State Taxes Early Taxpayers who itemize on their federal returns may deduct any state income taxes paid during 2014. Paying fourth quarter estimated taxes (generally due in …

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Gifting a Personal Residence – Tax Saver or Tax Folly?

Many people believe that gifting a personal residence to their children will help reduce their estate taxes. However, because the federal estate-tax exclusion amount is currently set so high ($5,340,000 in 2014), very few people can expect to have federally taxable estates. As a result, unless state estate taxes are a concern, the smart tax move …

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Income Strategies in Retirement

Income Strategies in Retirement, When you retire, you will probably have several sources of income. These may include traditional individual retirement accounts (IRAs) , Roth lRAs, pensions, 401(k) or 403(b) accounts, mutual fund and brokerage accounts, and Social Security. You\’ll want to have a strategy for managing your income and withdrawing from your accounts that …

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Hobbies and Taxes

Is your activity a business or a hobby? Hobbies and Taxes, it\’s important to know because if the IRS views your activity as a hobby rather than as a business, your tax deductions for business-type expenses are subject to certain limitations. Business Versus Hobby To qualify as a business, an activity must be conducted for …

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