Category: Tax Tips

Background In an effort to combat fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed by President Obama in December. The act revises the filing deadline for Form W-2 and certain types of Form 1099. The filing changes will begin in 2017. This bill was a very important step in the right direction on the …

When do you plan on retiring? Are you thinking about filing for social security early? You’re not alone. The Social Security Administration estimated that 3.9 million people will turn age 62 in 2015 and another 4 million will turn 62 in 2016. What’s more, many of these people will be claiming their Social Security benefits …

It may be hard to believe, but it’s tax time again! We’re all rushed, we’re all busy… but this year, let’s take a little time to help our tax preparers out. They are, after all, human too! Nix the Shoebox Trick It might be convenient and really easy to throw all of your receipts in …

Since life isn’t always simple, it follows that tax forms aren’t either. A complicated one to look at is the 1099-C, but that’s exactly what we’re doing in our current blog. What is it? What if I receive one? Let’s have a look, shall we?

Learn about Roth IRA distributions and how your contributions to a Roth IRA can be tax free. Generally, Roth IRA distributions of earnings are not taxable if made no sooner than five years from the first day of the first tax year for which a regular contribution was made and such distributions qualify within one of four different conditions.

Defer a portion of the income tax due on a gain from the sale of property with the installment method. Under the installment method, a portion of each payment is recognized as gain to the seller when received. Significant tax deferral can be achieved using this method, but there are several restrictions and limitations.