Do I Need a Living Trust? Assets placed in a revocable living trust go directly to your heirs when you die, bypassing the sometimes lengthy and costly process of probate. That can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave [...]
2015 IRA Contribution Facts Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an IRA: Age Rules. You must be under age [...]
2015 Tax Organizer The 2015 Fox Peterson tax organizer is now available in two forms. You can A) go to our resources page and fill out the organizer(s) that apply to you and submit them directly to your tax preparer or B) click here to download and print the PDF version. A customized organizer is [...]
2015 is almost behind us and the time to file income taxes is fast approaching. We are looking forward to seeing you again as we assist you with your income tax preparation over the next several months. We have compiled a list of planning tips and suggestions in our year end letter and recommend [...]
Additional Medicare Tax Some taxpayers may be liable for an Additional Medicare Tax if your income exceeds certain limits. Here are six things that you should know about this tax: Tax Rate. The Additional Medicare Tax rate is 0.9 percent. Income Subject to Tax. The tax applies to the amount of certain income that [...]
Still Time to Make Your IRA Contribution for the 2014 Tax Year Did you contribute to an Individual Retirement Arrangement last year? Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes. Here are some IRS tax tips about saving for retirement using an [...]
Obtaining and Claiming a Health Coverage Exemption The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return. If you meet certain criteria, you may be exempt [...]
If you have a health insurance policy with a high deductible, you may be eligible to contribute to a health savings account. An HSA provides a triple tax break: Contributions are tax-deductible (or pretax if made through your employer), the money grows tax-deferred, and you can use it tax-free for medical expenses. You can [...]
Once again another year is behind us and income taxes are fast approaching. We are looking forward to seeing you again as we assist you with your income tax preparation over the next several months. We have compiled a list of planning tips and suggestions in our year end letter and recommend that you [...]
As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. To help our clients who are employees take advantage of these special tax saving opportunities, we have put together a list of items to [...]
