Self-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...
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 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 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 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 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 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 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 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 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 4
Qualified retirement plans and IRAs may permit purchases of “longevity” annuities. The IRS has issued regulations that allow purchases of deferred “longevity” annuities under various tax-favored...
View Article2013 YEAR-END TAX PLANNING – TRADITIONAL INCOME AND DEDUCTIONS...
Year-end 2013 presents unique challenges. Traditional year-end planning techniques nevertheless remain important both to maximize benefits in connection with what’s new and to do so within the usual...
View ArticleEliminate Taxes with 1031 Like-Kind Exchanges
Since 1921, well-advised Americans have not paid taxes on the sale of their property, here and overseas, using like kind exchanges. More than 80% of sales of commercial real estate are not subject to...
View Article2013 YEAR-END TAX PLANNING – ESTATE AND GIFT TAXES
ESTATE AND GIFT TAXES After a number of years during which significant uncertainty existed over the federal estate and gift tax system, ATRA finally provided a permanent structure under which planning...
View Article2013 YEAR-END TAX PLANNING – Same-sex marriage
Same-Sex Marriage On June 26, 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act in E.S. Windsor, 2013-1 ustc 50,400. The Court held that Section 3, which had defined...
View Article2013 YEAR-END TAX PLANNING – Sunsetting “Extenders”
Sunsetting “Extenders” Some popular, but temporary, tax incentives known as “extenders” are scheduled to expire after 2013. Whether Congress will extend them again is questionable. While all have their...
View Article1031 Exchange Misunderstandings
One of the most common reasons why taxpayers do not take the opportunity to reduce their taxes with 1031 exchanges is because they frequently do not understand the rules. Let’s review Four...
View Article2013 YEAR-END TAX PLANNING – Health Flexible Spending Arrangements
Health Flexible Spending Arrangements Beginning in 2013, the Affordable Care Act caps annual contributions to health flexible spending arrangements (health FSAs) at $2,500. Any salary reductions in...
View Article2013 YEAR-END TAX PLANNING – Medical Expense Deduction
Medical Expense Deduction Before 2013, taxpayers who itemized deductions could claim a deduction for qualified unreimbursed medical expenses to the extent those expenses exceeded 7.5 percent of...
View Article2013 YEAR-END TAX PLANNING – Child Tax Credit
Child Tax Credit For 2013, the child tax credit is $1,000 per qualifying child. Before ATRA, the child tax credit had been scheduled to revert to $500 per qualifying child. ATRA, however, made...
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