Monthly Archives: January 2016

On a Roll to Retirement

January 21, 2016

If you have money or assets saved in an eligible retirement plan, you may be able to transfer the funds to a different retirement plan without having to pay taxes on the withdrawal, as long as you perform a rollover. In order to be considered a rollover, the transfer has to happen within sixty days, […]

Categories: General Tags: , , , ,

If you purchased your health care through the Health Insurance Marketplace, you may have been eligible to receive a tax credit with can assist with the cost of your monthly premiums. This tax credit can be applied up front to help lower the cost of your premiums, in the form of an advance payment. In […]

Categories: Credits Tags: , , , ,

Is Interest Taxable?

January 19, 2016

Interest bearing accounts can help you add a little bit extra to your savings. However, if you are able to withdraw the funds without any type of penalty, then you should be aware that interest paid to those funds is considered taxable income for the year you made it available. Interest will be reported on […]

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Some distributions from retirement plans, allotted from qualifying annuity or pension plans through your employer, may be taxable. If any of the following statements are true, your benefits may be taxable: You didn’t contribute to your pension or you aren’t a contributing party to the annuity. Your employer didn’t deduct the contributions from your salary. […]

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What is Gross Income?

January 17, 2016

We all like getting paid. When payday rolls around, it can be the happiest time of the month, at least until the next one. But did you know any salary, wages or tips you receive are considered part of your gross income and must be included at tax time. Withholdings, such as Medicare, income tax, […]

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Working parents know how difficult it can be to find appropriate care for their children while they work. If you pay for someone to watch your children while you work, there’s a possibility you may be eligible to claim the Dependent Care Credit. This credit has certain requirements that must be met in order to […]

Categories: Credits, Dependents Tags: , , , , ,

Exemptions are a quick way to save money when you file your tax return. In addition to a personal exemption, taxpayers can take an exemption for each dependent they claim, known as the dependency exemption. There are a few requirements that parents must meet in order to claim an exemption for each dependent. The exemption […]

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If this is the first year you’ve been affected by the Affordable Care Act, you may not really know what to expect at tax time. For starters, the bill mandates that all taxpayers have health insurance, and offers a credit to help offset the cost of monthly premiums. According to the IRS, approximately 80% of […]

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Unfortunately, every tax year 20% of Americans who are eligible for the Earned Income Credit don’t claim it, which can mean a loss of $2,400 for those taxpayers. It’s simple to determine your eligibility, so there’s no reason you shouldn’t claim the credit if you can. If you have qualifying children, the income threshold goes […]

Categories: Credits Tags: , , , , ,

When the time comes to file your tax return, it’s incredibly important to ensure you’ve filled out every section with the utmost accuracy. Otherwise, you risk a delay in processing and incorrect refunds. Before you click “submit” or drop your return in the mailbox, double check all sections for the most common tax filing mistakes […]

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