If you are a teen or young adult, you probably haven’t considered the importance of the benefits for long-term retirement savings. Concentrating on today’s earnings are more important than thinking about retirement. However, the earlier you start to contribute to a retirement plan, the more substantial the nest egg when you retire.
If you wait for your regular appointment to discuss current tax-related issues, it might create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. If you have a substantial change in taxable income or deductions, by contacting our accounting office to discuss those changes would be beneficial to you in the long run. We can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options.
If your local Orlando business is having a hard time finding an affordable accounting firm to work with, you’re not alone. According to a recent article in the Orlando Business Journal, large Orlando accounting firms who would like to increase their staff are having trouble finding new hires and retain old ones due to the smaller pool of local professionals.
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.
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year.
Tax rates, both ordinary and capital gains, increased in 2013, and future years, for higher income taxpayers whose taxable income exceeds the income threshold for their filing status.