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Higher Income Taxpayers Hit with Exemption & Itemized Deductions Phase-out

By Joaquin On October 28, 2016 · Add Comment
Higher Income Taxpayers Hit with Exemption & Itemized Deductions Phase-out Generally, in 2016 and 2017 taxpayers are allowed to deduct personal exemptions of $4,050 for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large, they can itemize their deductions. . However, the personal exemptions and [...]
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Seniors Beware, Affordable Care Act Will Be Cutting Your Medical Deductions

By Joaquin On October 11, 2016 · Add Comment
Article Highlights: Seniors and Medical Deductions AGI Limitations in 2017 Taking Advantage in 2016 When an individual itemizes deductions, one of those deductions is the cost of medical and dental expenses, including health insurance premiums. However, the medical expense deduction has been historically limited to the amount that exceeds 7.5% of [...]
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October 2016 Individual Due Dates

By Joaquin On October 8, 2016 · Add Comment
October 2016 Individual Due Dates October 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA [...]
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Who Claims the Kids? You or Your Ex-Spouse?

By Joaquin On October 6, 2016 · Add Comment
Who Claims the Kids? You or Your Ex-Spouse? Article Highlights: Custodial Parent Dependency (Exemption) Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Affordable Care Act Earned Income Tax Credit If you are a divorced or separated parent with children, a commonly encountered but [...]
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Cutting the IRS Out of Your Gifts

By Joaquin On October 6, 2016 · Add Comment
  Cutting the IRS Out of Your Gifts Article Highlights: Gift Tax Rule Annual Exemption Lifetime Exemption Medical and Tuition Exemptions Gift Splitting Gifts of Property If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there [...]
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Don’t Be Left Holding the Tax Bag

By Joaquin On October 6, 2016 · Add Comment
Don’t Be Left Holding the Tax Bag Article Highlights: Paying Independent Contractors 1099-MISC Reporting Threshold Form W-9 Benefits Penalties Due Date If you use independent contractors in your business and pay them $600 or more during the calendar year, you are required to issue them a 1099-MISC after the close of the year. If you [...]
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2015 Return Not Filed Yet? You Could Lose Eligibility for 2017 Advance Premium Credit

By Joaquin On September 22, 2016 · Add Comment
2015 Return Not Filed Yet? You Could Lose Eligibility for 2017 Advance Premium Credit Article Highlights: Advance Premium Tax Credit (APTC) Premium Tax Credit (PTC) Reconciling the Credit Responsibility to File and Reconcile Losing Eligibility for APTC Individuals who procure their health insurance through a government marketplace may qualify for the advance premium tax credit [...]
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9 Finance Tips All Business Owners Should Follow

By Joaquin On September 22, 2016 · Add Comment
9 Finance Tips All Business Owners Should Follow Business owners are experts at their industry. You know your products and services well – better than the competition. You know how to reach those customers, too. But, managing what’s behind the scene isn’t always as easy. With the right tools and resources, including a professional by [...]
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Looking for Ways to Maximize Your Retirement Contributions?

By Joaquin On September 16, 2016 · Add Comment
Looking for Ways to Maximize Your Retirement Contributions? Article Highlights: Key Benefits Solo 401(k) Contributions Discretionary Funding Where Deducted Deadlines Roth Option If you are a sole proprietor with no full-time employees other than yourself and/or your spouse, and you are seeking to maximize your retirement plan contributions, a Solo 401(k) may be right for [...]
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Time for Baby Boomers to Pay Up

By Joaquin On September 16, 2016 · Add Comment
Time for Baby Boomers to Pay Up Article Highlights: Required Minimum Distribution (RMD) Distribution Period Penalty for Not Taking an RMD Multiple Accounts Non-Taxable Amounts Roth Conversions Effect on Other Income & Deductions Once RMDs Start Additional Withholding or Estimated Tax Charitable Option All you baby boomers who have been stashing away tax-deferred retirement savings, [...]
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  • D&J Accounting & Tax Services, Ltd. • 4950 N. Harlem Avenue • Harwood Heights, IL 60706 • T 773-237-7400 F 773-237-2822 mówimy po polsku
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