August 7, 2019 / by Jamie Burt / Uncategorized
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported […]
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The next estimated tax deadline is September 16: Do you have to make a payment?
September 3, 2019 / by Jamie Burt / Uncategorized
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, […]
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Taking distributions from your traditional IRA
August 23, 2019 / by Jamie Burt / Uncategorized
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family […]
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The tax implications of being a winner
August 7, 2019 / by Jamie Burt / Uncategorized
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported […]
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The “nanny tax” must be paid for more than just nannies.
July 23, 2019 / by Jamie Burt / Uncategorized
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a […]
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You may have to pay tax on Social Security benefits
July 18, 2019 / by Jamie Burt / Uncategorized
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your […]
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Volunteering for charity: Do you get a tax break?
July 9, 2019 / by Jamie Burt / Uncategorized
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may […]
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If your kids are off to day camp, you may be eligible for a tax break
June 25, 2019 / by Jamie Burt / Uncategorized
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, […]
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2019 Q3 tax calendar: Key deadlines for businesses and other employers
June 20, 2019 / by Jamie Burt / Uncategorized
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. […]
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Your succession plan may benefit from a separation of business and real estate
June 10, 2019 / by Jamie Burt / Uncategorized
Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners […]
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Thinking about moving to another state in retirement? Don’t forget about taxes
June 5, 2019 / by Jamie Burt / Uncategorized
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes […]
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