January 15 Individual taxpayers’ final 2015 estimated tax payment is due unless Form 1040 is filed by February 2, 2016, and any tax due is paid with the return. February 1 Most employers must file Form 941 (Employer’s Quarterly Federal Tax Return) to report Medicare, Social Security and income taxes withheld in the fourth [...]
When you sell a capital asset, the sale results in a capital gain or loss. A capital asset includes most property you own for personal use (such as your home or car) or own as an investment (such as stocks and bonds). Here are some facts that you should know about capital gains and losses: [...]
The increasing cost of higher education has made education planning and important aspect of personal financial planning. However, because the actual expenditure will not be incurred for many years, it is often given a low current priority. Also, some parents are counting on scholarships to cover the cost of their children’s education. Unfortunately, this tendency [...]
The tax laws generally require individual with retirement accounts to take annual withdrawals based on the size of their account and their age beginning with the year they reach age 70 1/2. Failure to take a required withdrawal can result in a penalty of 50% of the amount not withdrawn. If you turned age 70 [...]
On July 31, 2015, the President signed the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (the Highway Act) into law, providing a three-month extension of the general expenditure authority for the Highway Trust Fund (HTF). Part of the HTF extension was paid for by changes to tax compliance provisions, the most [...]
Adult children may be able to acquire a more expensive home than they might otherwise afford by using a shared equity financing arrangement, under which parents or other relatives share in the purchase and cost of maintaining a house used by the children as a principle residence. The nonresident owner rents his or her portion [...]