Sadly Tax Season Is Over. What to Do Now?

Sadly Tax Season Is Over. What to Do Now By Stephen Ganns{3:48 minutes to read} So you visited with your tax preparer and hopefully they gave you some good advice.  Now it’s time to put some of that advice into action.

When it’s not tax time, there are things that all taxpayers should do in order to alleviate their tax burden for the next year.  Continue reading

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Does Net Investment Income Tax Apply to You?

Does Net Investment Income Tax Apply to You? by Stephen J Ganns{2:12 minutes to read} As many of you know, in 2013 a new tax came into being. It is called the Net Investment Income Tax.

This is a tax on investment income, at a rate of 3.8%, on the lesser of either your net investment income or the amount by which your modified adjusted gross income exceeds a threshold based on your filing status.  Continue reading

A Refresher on Capital Gains and Losses

A Refresher on Capital Gains & Losses by Stephen J. Ganns, CPA{3:54 minutes to read}  Most taxpayers are aware of capital gains and losses, because somewhere along the way they might have sold some stocks and/or bonds. Just to clarify a little more about what capital gains/losses are, and what is reportable and not, I offer the following:

Capital Assets

Capital assets include property such as: Continue reading

Your Rights as a TaxPayer

Your Rights as a TaxPayer by Stephen Ganns[Time to Read: 1.3 mins]

Did you realize as a taxpayer you have rights? Well, actually, you do.

As citizens of the United States of America, who are responsible to pay taxes in order to allow our government to continue to run, we do have some rights. The following are excerpts from an IRS publication, which delineates those rights:

Continue reading

Casualty, Disaster and Theft, Oh My!

Casualty, Disaster and Theft, Oh My! by Stephen Ganns[Time to Read: 3.0 mins]

Many people are not aware, and thankfully so, that in some instances the IRS will give a tax deduction for casualty, theft, and disaster losses relating to a home, household items, vehicles, and other tangible personal property owned by individuals.

Casualty and disaster deductions apply to losses from the long-term result of damage or destruction due to:  Continue reading

Are Roth IRA Conversions for You?

Are Roth IRA Conversions for You? by Stephen GannsA Roth IRA can be a very helpful part of a complete retirement income plan. The tax benefits are wonderful:

  • Tax-free income in retirement
  • Flexible withdrawal options
  • Prepaid income tax for beneficiaries
  • No required minimum distribution

However, until 2010, Roth IRA conversions were off-limits for high-income earners. Roth IRA “contributions” are still not allowed for those whose modified adjusted gross income exceeds $191,000 for married couples filing jointly, or $129,000 for single taxpayers in 2014.

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Lower Your Taxes While Being a Good Person!

[Time to Read: 3.6 mins]

Steve Ganns, https://gannsblog.wordpress.com, says Lower Your Taxes While Being a Good Person!As the end of the year rolls around, it might be time for us to take one last look at those charities that keep sending us information throughout the year and actually make a donation or two.

I know deep down in our hearts, we all want to do whatever we can to help organizations that do good works for people, but sometimes being barraged with so much information, we just toss the appeals to the side. However, the IRS will give you a tax break for donations to charity, so let’s look at this one last time before the year ends. Continue reading

Personal Estimated Income Taxes – Have You Paid Yours?

Steve Ganns, https://gannsblog.wordpress.com, discusses Personal Estimated Income Taxes - Have You Paid Yours?Many taxpayers find that their tax preparers tell them they have to pay quarterly taxes. Why is this so? Well, here’s what the IRS has to say about paying your taxes:

  • We have to pay taxes based on the income we make.
  • We must pay our taxes evenly throughout the year or else the IRS will charge a penalty.

So, if my total tax bill is $10,000, and I don’t want to pay it until April 15th when I file my tax return, the IRS will not come after me and throw me in jail.  However, they will charge me an estimated tax penalty. Continue reading