Retirees may have distributions from several kinds of retirement accounts, but these distributions are not all taxed the same at the federal level. The federal tax treatment of retirement distributions depends on the type of retirement account. Today, we'll compare several types of retirement accounts and the federal tax effect of each. Employer Sponsored Accounts [...]
Even though tax preparation season doesn't start until January or February, tax planning season is well under way. If you are a business owner, there are a couple items that need to be completed before December 31. Health Insurance W-2 Reporting If you are an S Corporation owner, and if your S Corporation provides and pays for your [...]
The Free Application for Federal Student Aid (FAFSA) process can be confusing and overwhelming. Our resident FAFSA expert, Chris Bradford put together some helpful hints about the application, tax implications and the process to provide FAFSA information for you. There is no income cut-off to qualify for student aid and many factors are taken into account, including [...]
What do Goodwill donations and cash contributions to your favorite non-profit organization have in common? Both transactions can help you save money on your federal tax return! When you receive our Individual Tax Organizer in January, there is a page dedicated to your cash and non-cash contributions. We ask you to provide us with information [...]
Once upon a time, individuals could invest in rental real estate and use the big tax losses to offset income earned from other sources. Unfortunately, Congress has squashed that strategy. Now losses from rental real estate are suspended and can be used to offset only rental income. It's not impossible to use the losses from [...]
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