Tag Archives: income tax return

Update your W-4 to adjust your withholding

Did you receive a big tax refund or owe the IRS a lot of money for 2015? Then it’s time to update the form that tells your employer how to calculate your federal income tax withholding. That’s Form W-4, Employee’s … Continue reading

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Watch Year-End Mutual Fund Transactions

The income tax effects of mutual funds can be complex, and poorly timed purchases or sales can create unpleasant year-end surprises. Mutual fund investors (excluding qualifying retirement plans) are taxed based on activities within each fund. If a fund investment … Continue reading

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Unemployment benefits are taxable

Unemployment compensation can provide a welcome buffer while you’re transitioning to a new job. But with the help comes a tax effect, because the benefits provided under federal or state laws are usually includable in your income in the year … Continue reading

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“Basis” is important to an S corporation

Losses can be hard to take – so if you think your S corporation will show a loss for 2013, now’s the time to plan to make sure you’ll get the full tax benefit. The Problem. The amount of the … Continue reading

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What investment expenses are deductible?

Whether you’re a stock market bull or bear, you have investment expenses – and you may be wondering if they’re deductible on your federal income tax return. Here’s a quick review. * What are investment expenses? Investment expenses are amounts … Continue reading

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Gift taxes: Clearing up the confusion

There is a great deal of confusion about gifting and gift taxes. The federal gift tax law is completely apart from the income tax law. Neither party to a gift should include the gift information on their income tax return. … Continue reading

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April 17 — a big day for taxes

Tuesday, April 17, is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. * Filing 2011 income tax returns for individuals. If you cannot file your return by this deadline, be sure to … Continue reading

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