Your Social Security Statement is now at your fingertips
Have you ever received a Social Security Statement in the mail? You know, the one that shows all the earnings you’ve had each year and how much you could receive per month in Social Security benefits when you retire? The Statement contains crucial information to plan for a comfortable retirement. Now, thanks to my Social Security,…
Is your Gift Taxable?
If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are six tax tips for gifts and the gift tax. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are…
Don’t Rush to File Your Return!
Instead of rushing to April 15 to file your taxes, you can file an extension. There’s no shame in an extension, and millions are processed every year. Everyone with an April 15 deadline can get six extra months by filing an extension form. You need to pay what you owe–the extension is to file your return…
When Paying the IRS, Handle Checks With Care
Always provide the reason for the payment, the form number, and tax year on the front of the check – for instance, “balance due on 2015 Form 1040” or “2016 estimated payment.” Also include your daytime telephone number and Social Security number (joint filers should enter the number shown first on their return). Writing separate…
How Do I Get a Copy of a Social Security Earnings Report?
In the past, the Social Security Administration sent an annual statement of your earnings to you by mail. In 2011, the administration discontinued this service to workers younger than age 60. However, you can still access a basic earnings report for free online or request one by mail. A basic report lists your combined earnings…
The True Cost of Online Tax Software
The research is in. You can get a larger tax refund by using a Clergy Tax Advisor. The initial price of tax software ranges from $29.95 to $104.99. While that doesn’t sound expensive, it’s a small part of the total cost. The true cost of tax software is more than just the price you pay…
The Worst Tax Penalties to Avoid
A question we continually hear from my clients is, “How do I pay less tax?” But as you know, there is no simple answer to this question. While tax reduction strategies do exist, they are limited for the majority of clergy−and they do take some planning and attention. But there is one tax saving approach…
Seniors, remember to take your required minimum distributions.
Generally, when a participant in a retirement plan or an IRA reaches age 70 ?, minimum distributions are required to be made by December 31 each year. The distributions are also required to be made for inherited accounts. Roth accounts are excluded from this rule during the original owner’s lifetime.
Do you have unrealized capital losses?
Since the stock market has done so well, fewer individuals are holding stock that has declined in value. If you do, consider selling it before the end of the year. The capital losses can offset any capital gains that you have plus an additional $3,000 can be used to offset other taxable income. Remember the…
401(k) & 403(b) Contributions Limits Increased for 2015
The Internal Revenue Service today announced cost‑of‑living adjustments for pension plans and other retirement-related items for tax year 2015. The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000. The catch-up contribution limit for employees aged 50…
