Thursday, August 28, 2014
The death of a spouse can be a devastating experience, both emotionally and financially. As the survivor, you'll have to make important decisions while you're in what could be the most vulnerable and distracted stage of your life.
Monday, August 25, 2014
The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2015. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2015 contribution limit for individuals is $3,350; the limit for family coverage is $6,650. A catch-up contribution of an additional $1,000 is permitted for individuals who are 55 or older.
Tuesday, August 19, 2014
With the frequent occurrence of natural disasters, the IRS has issued a reminder to taxpayers to safeguard their records with a document backup plan. Backup records should be stored away from the original set. The IRS News Release suggests scanning original records and storing them in the cloud or on storage devices. Individuals should consider taking photos of their home's contents, especially high-value items, to use for insurance or casualty loss claims.
Monday, August 18, 2014
September 15 is an important tax filing deadline for partnerships and corporations. It's the filing deadline for 2013 tax returns for calendar-year corporations that received an automatic extension of the March 17 filing deadline. It's also the filing deadline for 2013 partnership tax returns that received an extension of the April 15 filing deadline. If you need assistance, contact our office at (518) 798-3330.
Thursday, August 14, 2014
In a recent income statistics bulletin, the IRS reported that the alternative minimum tax (AMT) affected a record 4.25 million tax returns and collected $30.48 billion in taxes during tax year 2011. The AMT was created years ago to ensure that high-income taxpayers could not escape all taxes through the use of deductions and credits. The recent report indicated that more than half of the $30 billion of AMT collected in 2011 was from individuals earning between $200,000 and $500,000. The number of taxpayers hit by the AMT has more than tripled since 2001.