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Dear Valued Client,
This newsletter edition discusses many topics, which include charitable giving and the tax benefits of working abroad. Each month, we do our best to provide you with the latest news and some helpful tips that can save you money.
Please call our office for any questions or to make an appointment. We are here throughout the year to assist you with your tax planning needs.
Tax Pro Plus
This newsletter edition discusses many topics, which include charitable giving and the tax benefits of working abroad. Each month, we do our best to provide you with the latest news and some helpful tips that can save you money.
Please call our office for any questions or to make an appointment. We are here throughout the year to assist you with your tax planning needs.
Tax Pro Plus
IRS Policy on Waiving the IRA Rollover Deadline
An individual can avoid taxation and the 10% early withdrawal penalty from an IRA or qualified plan distribution (other than required distributions) if they return the funds to an IRA or qualified plan within 60 days. This is commonly referred to as a rollover.
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The Mysterious Miscellaneous Deductions
When filing your tax return, you can generally choose between itemizing your deductions and taking the standard deduction. It all depends on which method provides you with the greater tax benefit. Taxpayers that choose to itemize will find that itemized deductions are broken down into several categories, which include medical, taxes, interest, charity and miscellaneous deductions.
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Documenting Charitable Contributions
A frequently encountered question is what records are required for charitable contributions. In recent years, Congress has passed some very stringent recordkeeping rules for charitable contributions and some harsh penalties for understating taxable income. The following is a summary of those recordkeeping rules currently in effect for a variety of contribution types. This list is not all-inclusive, so if you don’t see anything that applies to your particular situation, please give our office a call.
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Employee Medical Reimbursement Arrangements
For those employers who would like to provide a medical plan for their employees, there are a number of options. Among those options are two infrequently discussed plans: Health Reimbursement Arrangements (HRA) and Flexible Spending Arrangements (FSA).
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Tax-Free and Tax-Favored Fringe Benefits For Passthrough Entity Owners
Certain tax-preferred benefits that are available to employees are also available to owner-entrepreneurs of partnerships, LLCs treated as partnerships, and S corporations. This article examines how these tax-favored benefits apply to partners and more-than-2% S corporation shareholder-employees.
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Charitable Giving Through Donor-Advised Funds
Contribution to a donor advised fund is a way to warehouse funds in a year in which the donor has an unusually high income (and can benefit from a large charitable deduction) to satisfy the donor's social obligations to make charitable contributions in future years, without incurring the expense of setting up a private foundation and satisfying annual filing and other private foundation requirements.
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Working Abroad Can Yield Tax-Free Income
U.S. citizens and resident aliens are taxed on their worldwide income, whether the person lives inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for their personal services. In addition, they may also qualify to exclude or deduct certain foreign housing costs.
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Billions in Telephone Excise Tax Refunds Go Unclaimed
A recent audit by the Treasury Inspector General for Tax Administration (TIGTA) indicates that only approximately 721,410 (5.6 percent) of the 12.8 million business taxpayers who had filed their returns had made telephone excise tax refund claims. The refunds associated with these claims totaled only $876.6 million, or 17.5 percent of the $5 billion collected.
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Military Families Receive Recovery Rebate Break
The 2008 Heroes Act includes several benefits for military personnel. The Act was signed into law the last week of May, so we will include a summary of the provisions affecting individuals and small businesses in the next bulletin.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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