Monthly Archives: July 2015

Consider taxes when you change jobs

Taxes may be the last thing on your mind when you’re changing jobs, but overlooking their impact could mean missed tax-saving opportunities. Issues to consider include: *                    Your retirement plan. Distributions from retirement plans are generally taxable and may also be subject to an early withdrawal penalty. The penalty would also apply to amounts withheld for income taxes. When you… (more…)

IRS publishes help for ID theft

The IRS website contains useful information on how to avoid becoming a victim of identity theft, plus steps to take if you do become a victim. Here are the warning signs that you may have had your identity stolen:       The IRS notifies you that more than one tax return was filed using your social security number. You’re… (more…)

Public safety heroes law passed

A new law, the “Don’t Tax Our Fallen Public Safety Heroes Act,” was signed on May 22, 2015, to clarify the tax treatment of federal and state benefits for public safety officers killed or injured in the line of duty. Under the law, such benefits will not be subject to federal income tax. If you would like assistance on this,… (more…)

Supreme Court rules on ACA subsidies

On June 25 the Supreme Court issued its ruling in the King v. Burwell case, holding that federal subsidies for health insurance could be provided whether the insurance was purchased through a state exchange or a federal exchange. Challengers to the ACA subsidies maintained that the law’s language allowed for subsidies only when insurance was purchased through a state exchange… (more…)

Don’t take a vacation from tax planning

Don’t ignore your opportunity to save on taxes just because it’s summertime. Here are some summertime tips to keep your tax plans going. If you are a sole proprietor with children, you might consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to social security and Medicare taxes.… (more…)