As of 1-1-12, phase two reporting, Mutual Fund transactions, are now being tracked and will be reported to the IRS next year. This continues the multi-step phase in of mandatory tax reporting created by the Emergency Stabilization Act of 2008. Last year, we…
Under current tax laws, most property taxes paid for residential real estate is deductible. Choosing to clump two payments into the same year may help offset Uncle Sam’s reach in some cases. According to the IRS in Publication 17: “Deductible real estate…
Under current tax laws, if you do not have outside restrictions (see below), you should be able to contribute $22,000 to your company 401k if you are 50 years of age or better. According to the IRS’s current Catch Up…
As the end of the year approaches, we find that Tax Loss Harvesting may be beneficial for tax obligation purposes. Here are a few Tax Harvesting items we are completing at this time: Just as a reminder, never let the tax tail wag…
There are many situations where you may elect to take IRA distributions prior to the Required Minimum Distribution (RMD) age 70 1/2 time frame. In the event you have significant tax-deductible expenses against your income, you MAY want to consider…
A Required Minimum Distribution (RMD) is a mandatory taxable distribution for those owning IRA/Pre-Tax saving investments. You must take your first RMD by April 1 of the first tax year after you turn 70.5. Watch out, as you may end up with…
As the end of 2011 draws near, another year winds down. From the IRS’s standpoint, if you are an Executor or Trustee of an Estate or Financial entity, it can be their last time to visit if you complete your duties by…
This morning, the New York Times is running a special Opinion article from Warren Buffet. Mr.Buffet, not a stranger to championing higher taxes, mentions his rate as 17.4%, netting him a tax bill of just under $7 million on an approximate…
Just when we thought it was safe to open our mail, yet another tax form may land in our mailbox soon. This form is called an offer or substitute W-4P and is a mandatory IRS form mailed to those who are…
Form 5498 Just as our US Federal main tax filing dates fade in our memory, many times a straggling IRS form lands in our mailbox, causing some confusion. Form 5498 is sent as a means of IRS reconciliation and tracking.…
