As the final quarter of the year approaches, older taxpayers need to keep a careful eye on their required minimum distributions (RMDs) for the year. These taxpayers face a stiff penalty if they don't withdraw enough from their retirement accounts. This blog explains the rules that apply and offers a strategy for those older taxpayers who would be interested in using the qualified charitable contribution deduction this year, should it be retroactively reinstated by Congress. T

​We have been keeping you updated on the status of the extenders bill, which Congress has yet to pass. But as a start, at least the Ways & Means Committee has approved some tax bills. On September 17, the Ways & Means Committee approved the following tax-related bills: H.R. 2940: the “Educator Tax Relief Act of 2015” — would make the above-the-line deduction for certain expenses of elementary and secondary school teachers permanent and annually adjust the $250 amount for infl

The IRS has provided the annual inflation-adjusted contribution, deductible, and out-of-pocket expense limits for 2016 for health savings accounts (HSAs). Eligible individuals may, subject to statutory limits, make deductible contributions to an HSA. Employers, as well as other persons such as family members, may also contribute on behalf of an eligible individual. Employer contributions generally are treated as employer-provided coverage for medical expenses under an acciden

Hope you all had a fun Labor Day Holiday! Today we'd like to remind you about a few items that are due next week. The following have a September 15th due date. You need to make your 3rd installment payment of your 2015 Individual estimated tax if you pay your tax via this method. File 2014 calendar year extended Corporation tax returns. File 2014 calendar year extended Partnership tax returns. Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational

Today we want to discuss a tax scam that is continuing to be a big problem. Scammers are posing as the IRS. This is a scam we’ve brought awareness to during previous tax seasons, but it continues to be an issue. The IRS says that these scammers use scare tactics. They use threats including arrest or deportation and say they will take away your license if you don’t pay. Sometimes they leave urgent messages requesting that you call them back. This may be through a robo-call by