Recent Federal Tax Developments – Part 6
Big tax for sellers who got home back from defaulting buyer. In a recent case, a married couple sold their home at a big gain for installment payments and a balloon payment down the road. In the...
View ArticleRecent Federal Tax Developments – Part 7
More trust/estate expenses escape deduction limit. Miscellaneous itemized deductions are allowed only to the extent they exceed 2% of adjusted gross income (AGI). For this purpose, the AGI of an...
View ArticleRecent Federal Tax Developments – Part 8
Next year’s inflation adjustments for health savings accounts. The IRS has provided the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2015 for health savings...
View ArticleRecent Federal Tax Developments – Part 9
Taxpayer Bill of Rights. The IRS recently adopted a “Taxpayer Bill of Rights” to help taxpayers better understand their rights. While taxpayers already had these rights, they were scattered in various...
View ArticleOverview of tax saving moves for the rest of 2014
This series of blog posts generally is oriented towards the time-honored approach of deferring income and accelerating deductions to minimize 2014 taxes. For individuals, deferring income also may help...
View ArticleLast chance to get extended interest-free, tax-free loan from IRAs
IRS has announced that it would: (a) rescind its long-standing, liberal interpretation of the “one IRA rollover per year rule” under which taxpayers were allowed one rollover per year from each of...
View ArticleWithdraw required minimum distributions before year-end to avoid penalty
Taxpayers must start taking annual required minimum distributions (RMDs) from their traditional IRAs by April 1 following the year in which they attain age 701/2. Failure to withdraw the annual RMD...
View ArticleTaxpayers attaining age 70-1/2 in 2014 should consider commencing retirement...
Taxpayers who attain age 70-1/2 in 2014 have until their required beginning date of Apr. 1, 2015, to begin making required minimum distributions (RMDs) from their IRAs. As a general rule, they also...
View ArticleHow dividing an inherited IRA before year-end can improve tax results for...
Dec. 31, 2014, is an important deadline for individuals who inherited an IRA from an IRA owner who died in 2013. Where there are multiple beneficiaries for the IRA, splitting up the account into...
View ArticleSelf-employeds should establish a retirement plan before year-end
A self-employed person who wants to contribute to a Keogh plan for 2014 must establish that plan before the end of 2014. If that is done, deductible contributions for 2014 can be made as late as the...
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