The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each individual’s particular circumstances. The following is an overview of the various possibilities.
This article discusses the new interpretation of the 2015 one-per-12-month-period rollover rule, the 60-day limit and the types of plans included.
The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the distribution.
In a gathering of executives from leading CPA firms in Orlando by Orlando Business Journal, the discussions focused on a variety of topics as well as advice that applied to the local business community. Although this was a 2013 Accounting Industry Outlook discussion, the advice presented by Todd Baldwin of Baldwin Accounting CPA, is still very valid for 2015.
Frequently, taxpayers think that gifts of cash, securities or other assets they give to other individuals are tax deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are interrelated with estate tax laws, and Uncle Sam does not want you giving away your wealth before you pass away to avoid inheritance taxes.
Mortgage interest rates continue to be low, and home values are on the uptick. If you are considering a refinance, there are some important home mortgage interest rules you should be aware of.
The information in this article is to explain how the Affordable Care Act will impact your pocketbook when the healthcare taxes kick in, and when the mandatory insurance requirement becomes effective. Here are the details for your 2013 tax return:
