IRS Announces 2018 Pension Plan Limits; 401(k) Contribution Limits
Friday, October 27
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. The IRS is...
Tips for Business Owners to Reconstruct Records After a Disaster
Saturday, October 21
Tips for Business Owners Who Need to Reconstruct Records After a DisasterAfter a disaster, many business owners might need to reconstruct records to prove a loss. This may be essential for tax purposes, getting federal assistance, or insurance reimbursement.Here are four tips for businesses that ...
Taxpayers still have time to take these three actions
Saturday, October 21
Taxpayers still have time to take these three actionsNow that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year.Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 201...
Tips to Keep in Mind on Income Taxes and Selling a Home
Monday, September 18
Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home.Below are tips to keep in mind when selling a home:Ownership and Use. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year peri...
Tax Benefits for Education
Wednesday, August 30
Tax Benefits for EducationThe beginning of the school year is a good time for a reminder of the tax benefits for education. These benefits can help offset qualifying education costs.Here is information about two tax credits available to those who pay higher education costs for themselves, a spous...
Divorce or Separation May Affect Taxes
Tuesday, August 29
Divorce or Separation May Affect TaxesTaxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income...