Thursday, March 22, 2018

DO YOU NEED TO TAKE AN RMD? APRIL 1 MIGHT BE AN IMPORTANT DATE FOR YOU


April 1 is the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you reached age 70½ last year, this is a big deal.

Monday, March 19, 2018

PUTTING YOUR TAX REFUND INTO A RETIREMENT ACCOUNT?

Considering depositing your tax refund into your retirement account? Make sure no snafus happen along the way.

Thursday, March 15, 2018

IF YOU DONATED MONEY TO CHARITY, YOU'LL NEED THESE RECORDS


If you plan on deducting charitable contributions on your 2017 tax return, you'll need to have certain records. Gifts by check or credit/debit card must have written documentation showing the contribution amount and date, as well as the name of the organization you gave to. If the contribution is more than $250, you'll also need a written acknowledgement from the charity created at the time you made the donation.
If you receive something in return for donating, you can deduct only the difference between the contribution amount and the value of the benefit you received in return. Give us a call  at (518) 798-3330 if you have questions about deducting your charitable contributions.

Monday, March 12, 2018

GONE: UNREIMBURSED EXPENSES DEDUCTION FOR EMPLOYEES


If you're an employee who has deducted unreimbursed job expenses in the past, know that this deduction is now no longer available under the Tax Cuts and Jobs Act. However, employers can consider reimbursing employees directly for the cost of expenses like tools, uniforms, travel or continuing education. Employers can still deduct those expenses on their business returns. Ask your employer about reimbursement.

Monday, March 5, 2018

ARE YOU A CAREGIVER? THESE TAX BREAKS MAY BE HELPFUL


Those who care for people who are sick, elderly or disabled are often up against a lot of challenges. Fortunately, there may be a handful of tax breaks that can help. They include the medical expense deduction, the Child and Dependent Care Credit, and the new family credit in the Tax Cuts and Jobs Act. Give us a call at (518) 798-3330 if you have questions.

Thursday, March 1, 2018

MORE TAX BREAKS AVAILABLE FOR 2017 TAX RETURNS

Several tax breaks were revived for use in 2017 tax filing by last month's federal budget bill. Among them are four you may be able to take advantage of: the tuition and fees deduction, the mortgage insurance deduction, the mortgage debt forgiveness exclusion and the energy-efficient home improvement credit. Give us a call at (518) 798-3330 if these tax breaks should be considered for your 2017 tax return.

Friday, February 9, 2018

DON'T SAY YES TO A REVERSE MORTGAGE UNTIL YOU READ THIS


You've likely heard the good and the bad about reverse mortgages. But what's real? Before you consider this strategy, consider a few key components.

Tuesday, February 6, 2018

IS YOUR BUSINESS SUSCEPTIBLE TO PAYROLL FRAUD?

Although you may not want to hear it, all businesses can be hit with payroll fraud. Find out how it happens and what you can do about it.

Thursday, February 1, 2018

DO YOU HAVE A HOUSEHOLD EMPLOYEE? DON'T IGNORE THE NANNY TAX


It's simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here's why you'd better pay attention to the nanny tax.

Monday, January 29, 2018

YOUR TAX-TIME FINANCIAL REVIEW

It's the new year … and that means it's time to review your financial affairs. Take advantage of all of that top-of-mind tax-time knowledge and increase your changes of a fiscally sound 2018.

Friday, January 26, 2018

KEEP GOOD RECORDS FOR MUTUAL FUNDS

Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker. You can avoid problems caused by errors in reporting by keeping detailed records of every transaction. Work with your broker to ensure your records match with the information he or she is reporting to the IRS.

Tuesday, January 23, 2018

AVOID HIGH RMD PENALTIES

Required minimum distribution (RMD) rules are pretty strict. If you don't want to face a hefty fine, you must withdraw a certain amount of money every year from tax-deferred retirement plans like 401(k)s  and traditional IRAs after you reach age 70½.  The withdrawals you make are then taxed as ordinary income. Not following these rules can lead to a penalty equal to 50% of the amount that should have been withdrawn, plus regular tax.

BUSINESS OWNERS: FORMS DUE JAN. 31


Don't forget that Jan. 31 is an important due date if you own a business, or have a side business in addition to your regular job.
 
Avoid fines by making sure Forms W-2 and 1099-MISC are postmarked or sent electronically by this date to the IRS as well to the people you did business with in 2017. Remember, you may face separate fines for each late form. The Jan. 31 deadline for these forms was unified as part of the IRS's larger effort to minimize refund fraud.

Monday, January 15, 2018

UPDATE YOUR MILEAGE RATE REIMBURSEMENTS


If you plan on using your vehicle for business, medical appointments or moving during 2018, make sure you know the standard mileage rates have changed. The standard business mileage rate increased to 54.5 cents per mile (up from 53.5 cents in 2017). The medical and moving rates also increased by 1 cent, to 18 cents per mile. Charitable rates remain at 14 cents per mile.

Friday, January 5, 2018

IS IT TIME TO UPDATE YOUR BENEFICIARY LIST


Simply said, your beneficiary designations are important. It's just as important to keep your list up to date. Consider making it a priority or things might not go as you planned.

Tuesday, January 2, 2018

YOUR BUSINESS YEAR-END HEALTH CHECK


Just like people, businesses need yearly checkups. Follow these seven suggestions and take some time this December to look into the health of your business.