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2014 and it’s Personal Exemptions for Parents

2014 and it’s Personal Exemptions for Parents

  • January 6th, 2015
  • jrhassociates
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Taxes… The inevitable siphon of yearly earnings to Uncle Sam. But, if you understand the different features of taxes can hold onto a higher percentage of earnings at tax time, if you prepare. As tax season approaches your window to prepare and save for the 2014 tax season is closing….

Foreign Account Tax Compliance Act and Taxes

Foreign Account Tax Compliance Act and Taxes

  • January 2nd, 2015
  • jrhassociates
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If you are a United States taxpayer with bank accounts or assets abroad you need to know about the Foreign Account Tax Compliance Act to avoid getting in trouble with the IRS. The Foreign Account Tax Compliance Act was enacted in 2010 and is one of the most important developments…

Do You Need an Income Tax Extension for the 2014 Tax Year?

Do You Need an Income Tax Extension for the 2014 Tax Year?

  • December 29th, 2014
  • jrhassociates
  • Comments Off on Do You Need an Income Tax Extension for the 2014 Tax Year?

Having trouble completing your tax return? An income tax extension gives you extra time to make sure you are filing correctly and getting the most out of your year. There are some things you should know about filing an income tax extension. Like everything, there are pros and cons to…

Affordable Care Act Tax Provisions: Health Insurance Reform and your Tax Return

Affordable Care Act Tax Provisions: Health Insurance Reform and your Tax Return

  • December 17th, 2014
  • jrhassociates
  • Comments Off on Affordable Care Act Tax Provisions: Health Insurance Reform and your Tax Return

Do you understand Affordable Care Act Tax Provisions? If you aren’t up to date on the health insurance situation, your tax return could be at risk. The Affordable Care Act (Obamacare) requires almost all U.S. citizens and legal residents (and their dependents) to have health insurance for the entire year…

9 Tax Tips for Ending the Year

9 Tax Tips for Ending the Year

  • December 12th, 2014
  • jrhassociates
  • Comments Off on 9 Tax Tips for Ending the Year

The next month is so difficult for small business owners with fiscal responsibilities and holiday festivities. Between the family get-togethers and holiday parties, small business owners can get incredibly drained, not to mention closing out projects at the end of the year and prepping for the upcoming year. Although the…

5 Tax Saving Tips for the Holidays

5 Tax Saving Tips for the Holidays

  • December 1st, 2014
  • jrhassociates
  • Comments Off on 5 Tax Saving Tips for the Holidays

The holiday season is always a great time of year to be charitable, but you don’t need to send yourself to the poor house in the process. There are many ways to make the most of what you already have, and turn what you don’t need into a charitable donation….

Inheriting an IRA now comes with New Bankruptcy Rules

Inheriting an IRA now comes with New Bankruptcy Rules

  • November 21st, 2014
  • jrhassociates
  • Comments Off on Inheriting an IRA now comes with New Bankruptcy Rules

Are funds received from inheriting an IRA protected during bankruptcy? In a decision made by the Supreme Court, funds from inheriting an IRA are not protected in bankruptcy. This decision came from the case Clark v Rameker. Brief History of the Inherited IRA Case In June of 2014 the court…

Increase in Tax Scams Prompts IRS Video

Increase in Tax Scams Prompts IRS Video

  • November 18th, 2014
  • jrhassociates
  • Comments Off on Increase in Tax Scams Prompts IRS Video

An increase in tax scams impersonating the Internal Revenue Services (IRS) has prompted the organization to release a new video to YouTube warning American taxpayers to be careful. The increase in tax scams has the most common point of contact over the phone. Tax scams most commonly involve a con…

How Donating Appreciated Stock Will Save You Money

How Donating Appreciated Stock Will Save You Money

  • November 10th, 2014
  • jrhassociates
  • Comments Off on How Donating Appreciated Stock Will Save You Money

The holiday season is often a time of giving, both to those we know and love and those who are less fortunate than ourselves. However, when it comes to giving to charity, there are some ways that are more beneficial than others, both for yourself and for the beneficiary, such…

Changes in Limitations to Contribute to a Roth IRA

Changes in Limitations to Contribute to a Roth IRA

  • November 5th, 2014
  • jrhassociates
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If a married couple files their taxes jointly, and the spouse contributing to an IRA is not covered by a workplace retirement plan, but the other spouse is, the couple’s deduction phase-out is between combined incomes of $183-193K, up from $181-191K. This means that if the couple’s AGI is below…

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