Here is a quick look at 2016 tax rates and their associated income levels. Using your past tax information, you can plan for your tax obligation next year starting now. Don't forget that tax payers in the higher income levels are also subject to an additional...
Smart Business Services 14001-C St. Germain Drive Suite 253 | Centreville, VA 20121 Ph: 866-541-5111 | Fax: (866) 465-0283 | kdolan@sbsnova.com Double Check the Check An idea to keep your tax life simple Category: Miscellaneous Following these tips when you receive a payment from the Federal or State government can...
Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, in practice how can you make it work for you? The concept Since the tax code is complex in its construction, there are often opportunities...
As the year winds down, what can you do to minimize surprises at tax time? Often a simple answer can be found in last year’s tax return. So pull out the file, grab your favorite beverage, and spend a moment or two with your old...
You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you gift...
What happens when an ex-spouse files a joint tax return with errors in it that you did not know about? You learn that the tax obligation on a jointly filed tax return can be collected in its entirety from either filer. The IRS refers to...
The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will not increase in 2016. This lack of increase is based upon the Consumer Price Index over the past 12 months ending in September 2015. A recap of the key...
A recent study by the Treasury Inspector General for Tax Administration (TIGTA) for the 2014 tax filing season estimated that $1.4 billion in unqualified Advance Premium Tax Credits were made. In theory, taxpayers are required to repay these tax credit overpayments as they are not...
You can begin receiving your Social Security retirement benefit as early as age 62. But if you do this you could be in for a benefit shock. You will only receive 75% of your full benefit. By putting off your benefit start date you can...
Topline For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out of five...
