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Year-End Planning for Medical Donations

The PATH Act of 2015 is not the only recent tax law affecting year-end planning this year. One provision of the Affordable Care Act, passed back in 2010, comes into play now. For taxpayers age 65 or older, it...

Year-End Planning for Charitable Donations

The PATH Act, passed at the end of 2015, exempts certain IRA-to-charity transfers from income tax. For most people, moving money from an IRA to a charity is a taxable withdrawal, subject to income tax. However,...

Year-End Tax Planning for Deducting Taxes Paid

As mentioned in a previous article, a new law makes the sales tax deduction permanent. Keep in mind that you deduct sales tax instead of state and any local income tax. You can’t deduct both sales and income...

Year-End Tax Planning for Itemized Deductions

For 2016, the standard deduction is $6,300 for single taxpayers (and for married persons filing separately) and $12,600 for married couples filing jointly. For heads of household, the standard deduction is...

New W-2 Filing Deadline

The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2 , submitted to the Social Security...

Increased Tax Benefits Due to Inflation Adjustments

The Internal Revenue Service has announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure...

IRS Unveils Procedures to Renew ITINs

The IRS has announced procedures to renew Individual Tax Identification Numbers (ITINs) to reflect the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The IRS also updated its online frequently...

What Goes Into a Health and Wellness Program

A 2016 report from the Society for Human Resource Management found that 78% of surveyed businesses offered wellness benefits to their employees. It’s true that wellness programs are most common in large...

Investing in Gold Can be Taxing

Investment asset classes include precious metals, especially gold. Enthusiasts cite several reasons for including gold in a diversified portfolio. If governments print money to cover increasing obligations,...

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