Recent News Articles

  IRA Rollover Limits in 2017

Starting January 1, 2016 you can only make one rollover from your IRA to another IRA in a 12-month calendar period. A rollover is described as withdrawing the funds from one IRA, holding them for less than 60 days and then depositing them into another IRA account.

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  Unemployment Benefits

Being without a job is stressful, mentally and financially. For many job seekers, unemployment benefits provide a valuable bridge between their current situation and a new position. The bad news is that these benefits are taxable income. You will receive

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  Grants, Living Expenses and Education Credits

Many students, by default, will calculate their Pell Grant funds as being used to pay for qualified education expenses, because their college applies the grant for tuition. It isn’t wrong, but that amount will decrease the expenses eligible to be used to claim an education credit like the American Opportunity Credit.

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  Saver’s Credit

The IRS recently announced the inflation adjustments for the Retirement Savings Contributions Credit (aka Saver’s Credit) for 2015.

This credit applies to up to $2,000 in contributions to a traditional or Roth IRA and employee contributions to a 401(k), 403(b), 457, SIMPLE or SEP plan.

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  Good News For Younger Workers 2015

Stronger growth in wages for younger workers (ages 20-34). Median earning of the group took a bigger hit than those of older workers in the recession’s aftermath, probably because a great share of them were laid off, but the improving economy is spurring demand for entry and junior level workers and new earning growth. The catch up trend is especially good news for the housing industry. It should help the first-time buyer, noticeably lacking from the market in recent years.

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Donating to a charity the right to use a timeshare is not a tax-saver, the Tax Court says. The unsuccessful trader and his wife donated a week’s stay in their Caribbean timeshare as a prize in a charity’s auction, and then claimed a charitable deduction for the rental value of the unit plus a portion of the maintenance fee. Unfortunately for them, the law doesn’t allow any deduction.

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