Farms include ranches, ranges and orchards. While some may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If you own a farm or ranch, here are 10 tax tips: 1. Crop insurance. Insurance payments from crop damage count as income. … Read more
Individual Retirement Accounts, or IRAs, are important vehicles for you to save for retirement. If you have an IRA or plan to start one soon, there are a few key year-end rules that you should know. Here are the top year-end IRA reminders from the IRS: Each and every taxpayer has a set of fundamental … Read more
Some of the tax provisions of the Affordable Care Act apply only to employers with fewer than 50 full-time or full-time equivalent employees. Employers with fewer than 50 employees should take note of these tax considerations: All employers, regardless of size, that provide self-insured health coverage must annually file information returns for individuals they cover. The first returns are … Read more
The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the Free File system.About a quarter of the 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 … Read more
YEAR END TAX PLANNING TIPS FROM MY FRIENDS AT FREEMAN TAX LAW IN BIRMINGHAM, MI. FREEMAN TAX LAW “LAST MINUTE” YEAR-END TAX PLANNING ALERT Yes, it is that time of year again and as you start thinking about getting your taxes prepared for 2016, here are some last minute tax planning moves that might help … Read more
The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide … Read more
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. (Yeah and the unemployment … Read more