Billions of dollars go unclaimed every year from federal and state governments, financial institutions and companies no longer generating activity. Everything from tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, […]
Review the Provisions of Obamacare Premium Tax Credit Serving as a subsidy for the cost of health insurance for lower-income individuals and families is one of the key provisions of Obamacare is the premium tax credit (PTC). Although the credit is determined at the end of the year based upon income, taxpayers are allowed to […]
Special Tax Filing Issues With modern transportation the world continues to shrink, and it is increasingly common for a U.S. citizen to marry someone from another country who is not a U.S. citizen. If this describes your marital circumstances, there are some special tax filing issues you will have to deal with. Based on your particular […]
If you are like so many people that tend to wait until tax-filing season to worry about your taxes, there’s a chance that you will be missing out on opportunities to reduce your tax and avoid certain penalties. Events That Create Tax Problems & Opportunities The following are some events that can affect your tax […]
Information Regarding Solar Tax Credit Qualifications If you’re thinking about solar installation, keep in mind that the federal government has a 30% tax credit for the cost of a qualified solar installation (some states also have solar credits or other incentives). However, the federal credit is non-refundable and can only be used to offset your current […]
Pitfall to Back-Door IRAs If you are saving for retirement, many individuals favor Roth IRAs over traditional IRAs because the former allows for both accumulation and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred and distributions are generally taxable. Anyone who is under age 70.5 and […]
File An Amended Tax Return Did you filed your 2015 tax return and forgot to include some income or failed to claim a deduction or credit? Good news, it is not too late! An amended return can be filed to correct an already filed tax return. Failing to report an item of income may generate […]
You Might Need to Adjust Your W-4 If you got money back, keep in mind that you are simply receiving your own money that was over-withheld by your employer in the first place. A better solution would be to bank the money and have access to it for the entire year instead of giving the […]
Are You Receiving a Medicaid Waiver Payment? Read This Important Information! In order to promote home care and reduce the government’s institutional care expenses, Medicaid (through state agencies) pays home caregivers a small wage (usually reported on Form W-2 but sometimes on Form 1099-MISC) referred to as a Medicaid waiver payment to care for an […]
Do You Need A Six-Month Tax Extension? If you need more time to file your 2015 individual tax return you may request an automatic six-month extension. The extension is obtained by filing IRS Form 4868 on or before the April 18, 2016 deadline. This extension will give you until October 17, 2016 to file a […]
