An Enrolled Agent with over 30 years' experience providing common-sense tax, insurance and financial solutions. Married for over 45 years, having raised two sons, both married to girls named Carla. Go figure.
Friday, October 30, 2015
Wednesday, October 28, 2015
Tuesday, October 27, 2015
Monday, October 26, 2015
Friday, October 23, 2015
Thursday, October 22, 2015
What Tax Deductions Are Still Available to Me?
What Tax Deductions Are Still Available to Me?
Tax reform measures are enacted frequently by Congress, which makes it hard for U.S. taxpayers to know which deductions are currently available to help lower their tax liability. In fact, a former head of the IRS once said that millions of taxpayers overpay their taxes every year because they overlook one of the many key tax deductions that are available to them.1
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Wednesday, October 21, 2015
Tuesday, October 20, 2015
Beware of the Obamacare Shared Responsibility Payment
"You have an unpaid shared responsibility payment for 2014.
Amount due: $2,344.00"
The above notice from the IRS was received by this family for their shared responsibility payment for 2014, which was 1% of their income. A $2,344 penalty for not having insurance coverage in 2014 is bad enough, but the sobering reality is that if this couple remains uninsured in 2015 the penalty will increase to 2% of their income, and if they stay uninsured in 2016 the penalty will increase to 2.5% of their income.
How is the actual shared responsibility payment computed?
True, it's your choice whether or not to have health care coverage. Instead of being surprised at tax preparation time, it's important that the decisions we make about health care coverage ahead of time are made with the full understanding that the shared responsibility payment could be considerable, and will increase each year.
Amount due: $2,344.00"
The above notice from the IRS was received by this family for their shared responsibility payment for 2014, which was 1% of their income. A $2,344 penalty for not having insurance coverage in 2014 is bad enough, but the sobering reality is that if this couple remains uninsured in 2015 the penalty will increase to 2% of their income, and if they stay uninsured in 2016 the penalty will increase to 2.5% of their income.
How is the actual shared responsibility payment computed?
True, it's your choice whether or not to have health care coverage. Instead of being surprised at tax preparation time, it's important that the decisions we make about health care coverage ahead of time are made with the full understanding that the shared responsibility payment could be considerable, and will increase each year.
Sunday, October 18, 2015
Followup Questions for Parents to Ponder
As a followup to my post regarding parents teaching their children how to manage money and pay taxes, the following questions are for parents to ponder:
- Do your children know how to fill out a tax return or what they need to do to comply with local tax laws?
- Do they know how to use credit responsibly?
- Can they budget their income and then live within their means?
- Have they felt the pleasure that comes from acquiring an item that they bought with money they earned?
- Have they experienced the even greater pleasure that comes from giving of their time and resources to help others
Without a doubt, teaching children financial responsibility takes time and considerable effort. But the rewards are well worth it.
Copyright © 2015 by Mark R. Toney. All rights reserved.
Teach Your Children About Managing Money and Paying Taxes Before They Leave Home
According to the USDA Expenditures on Children by Families report released in August 2014, it will cost a moderate-income, two-parent family about $245,340 to raise a child born in 2013 through age 17, not including college expenses.* But if current trends continue, very little time or money will be spent—by parents or the education system—teaching the child about managing money and paying taxes before the harsh financial realities of life confront them.
It’s been likened to pushing a person out of an airplane without teaching them to use the parachute.
Standard Mileage Rates for 2015
Most everyone knows about the standard deduction for business miles driven, but did you know you can deduct miles driven for medical purposes, moving purposes, or in service of charitable organizations? In 2015 the standard mileage rates for the use of a car, van, pickup or panel truck are:
- 57.5 cents per business mile driven, up from 56 cents in 2014
- 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
- 14 cents per mile driven in service of charitable organizations
Saturday, October 17, 2015
Friday, October 16, 2015
Monday, October 12, 2015
Friday, October 9, 2015
Thursday, October 8, 2015
Tuesday, October 6, 2015
Monday, October 5, 2015
Friday, October 2, 2015
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