Category: Personal Finance
Tips on managing the Net Investment Income Tax
2014 marks the second year that many high-income clients will be hit with the 3.8 percent investment income surtax that's part of the Affordable Care Act. The surtax on investment income applies to taxpayers with modified adjusted income above $250,000...
CPA vs. TurboTax: The value of an inquisitive mind
It's tax season, which means millions of Americans are evaluating their tax return preparation options and deciding which strategy is best for their individual scenario. For many, selecting a tax preparation software service like TurboTax might seem like the best option....
ABLE Act helps individuals with disabilities
Included in the Tax Increase Prevention Act of 2014 is a new type of tax-advantaged savings program for individuals with disabilities that begins in tax years after December 31, 2014. The new provisions are provided in the Achieving a Better...
URGENT: Wait to file taxes if you received a Form 1095-A from Healthcare.gov
Approximately 800,000 taxpayers who received health care coverage through the federal insurance marketplace Healthcare.gov were sent the wrong information on their Form 1095-A and are being urged to wait to file their taxes until the first week of March when...
IRS adjusts tax rate and deduction levels for 2015
For tax year 2015, the Internal Revenue Service recently announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. A list of the more significant items that are increased for 2015...
Mortgage interest deduction is limited to interest paid during the year
As our clients prepare for year-end, we like to remind them that the mortgage interest deduction is limited to the amount of interest actually paid on the loan during the year. Here’s an example from a recent tax court case: A...
IRS sets direct deposit limits
In an effort to combat fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three. The fourth and subsequent refunds automatically...
How donor-advised funds can help with year-end planning
Donor-advised funds (DAFs) have increasingly become the charitable vehicle of choice over the last 10 years for both advisors and clients. DAFs can be established very quickly, are easy to explain, simple to use, have many tax benefits, appeal to a...
Year-end tax tips for individuals
New legislation has brought greater certainty to year-end planning but also created new challenges. Be sure to meet with your ShindelRock tax professional if you have had any major changes during 2014 or are expecting major financial changes such as retirement or inheritances....
Charitable tax deduction guidelines for “#GivingTuesday”
It's Tuesday after Thanksgiving, the recently dubbed "Giving Tuesday" for charitable organizations. If you're one of the millions of #GivingTuesday givers, or if you're planning to donate money to any charity in the next few weeks to get your contributions...