Here are a few helpful webpages for your personal and business tax and accounting needs:
 
For Individuals:
To check if your Tax Pro is registered with the IRS go to and search by name and location: Authorized IRS e-file Providers.
To check on the status of your refund your can go to IRS' Where is My Refund portal.
To make the most of your retirement savings check this 401(k) Save the Max Calculator provided by FINRA.
It's important to update your withholding if there is a change in your circumstances. 
Or if you prefer to manage your cash flow and limit the amount of money you pay out during the year. 
Or to increase your refund at year end by decreasing your withholding. 
There is a very helpful withholding calculator on the IRS's webpage

 

IRS Announces: Taxpayers may contribute up to $18,000 to their 401(k) plans in 2015

The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000. The catch-up contribution limit for employees aged 50 and over is increased from $5,500 to $6,000. The limit on annual contributions to an Individual Retirement Arrangement (IRA) and additional catch-up contribution limit for individuals aged 50 and over remain unchanged at $5,500 and $1,000 respectively.  
Click to read more.

 

Affordable Care Act Tax Provision


Some folks are unclear about the impact of the Affordable Care Act Tax Provision... You can find the basic information on the IRS's information page. And if you have additional questions contact your accounting/tax pro to clarify the impact on you.  If you don’t have coverage or qualify for an exemption you may have to make an Individual Shared Responsibility payment when you file your income tax return.  For 2014, generally, the payment amount is the greater of 1% of your household income above your filing threshold or $95 per adult ($47.50 per child) limited to a family maximum of $285. 

 


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Estate Planning

 

To keep our clients current we remind them to review their estate plan annually or more often if changes are warranted.  There was a recent article in the New York Times that outlined the key aspects of estate plan that are beyond a will, items such as power over health decisions, powers of attorney, lists of all passwords, and much more.  


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Capital Gains Tax

 

Capital gains tax (on long term capital gains) is still limited to 15% and goes up to 20% to the extent that a taxpayer’s taxable income exceeds the thresholds set for the new 39.6% ordinary tax rate. Some or all net capital gain may be taxed at 0% if you are in the 10% or 15% ordinary income tax brackets. Long term capital gains are still taxed at lower rates than other types of income.



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