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Newsletters  // Browsing posts in Newsletters

07 Aug Posted by in Newsletters | Comments

Steps to Avoid a Name Mismatch Audit

Steps to Avoid a Name Mismatch Audit

What’s a Name Mismatch Audit – And How to Avoid One If you changed your name for any reason during the past year, you will need to file Form SS-5, Application for a Social Security Card, with the Social Security Administration (SSA) to notify them of the name change before you submit your 2017 tax […]

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07 Jul Posted by in Newsletters | Comments

A Wedding and Taxes by Karen Monaco, CPA at KP Monaco & Associates

A Wedding and Taxes by Karen Monaco, CPA at KP Monaco & Associates

When planning a wedding, the to-do list seems endless. But, don’t make the mistake of neglecting some tax planning for this life-changing event. If you’re planning your own wedding or helping a loved one, here are some income tax-related actions to take in preparation for the big day. Check the effect marriage will have on […]

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08 Jun Posted by in Newsletters | Comments

Know the Tax Rules Before Gifting

Know the Tax Rules Before Gifting

Gift giving can be an important tax planning strategy. But before you write checks, learn the rules. Here are two of them: * Tax returns are not always required. The person receiving your gift does not have to file a return, no matter the amount. More good news: When you give gifts up to $14,000 […]

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17 Mar Posted by in Newsletters | Comments

April IRA Deadlines Fast Approaching

April IRA Deadlines Fast Approaching

As tax day approaches, there are two other April deadlines that may apply to you. If you have an IRA, take note of these dates: April 1 – If you turned 70½ in 2016 (six months after your 70th birthday), you must take your first required minimum distribution (RMD) from your IRA by April 1. […]

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10 Feb Posted by in Newsletters | Comments

What Records Do You Need For Tax Preparation?

What Records Do You Need For Tax Preparation?

If you’re not a naturally organized person, keeping your tax preparation records in one place might not be easy. But gathering the appropriate records ahead of time will make it easier on yourself and help ensure the accuracy of your tax preparation. Choose a place to collect your records and include the following: The basics: […]

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13 Sep Posted by in Newsletters | Comments

Will Student Loan Debt Affect Your Tax Return?

Will Student Loan Debt Affect Your Tax Return?

If you have student loans to repay, you may be wondering how that debt will affect your tax return. While repayment of the principal portion of your debt is not tax deductible, you can take an above-the-line deduction for up to $2,500 of interest that you pay in a year, as long as you meet […]

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01 Sep Posted by in Newsletters | Comments

Major Life Changes Call for Tax Planning!

Major Life Changes Call for Tax Planning!

Summer can be a time for life changes. Marriage, a school-break job or entrepreneurial venture, a move to a new home – all of these major events call for tax planning. The good news is a few simple steps will get you started, even if you feel your current circumstances limit the time you have […]

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18 Jul Posted by in Newsletters | Comments

Should You File a Form 5500-EZ?

Should You File a Form 5500-EZ?

If your business has a one-participant retirement plan such as a solo 401(k) – for example, if you own the entire business and the plan covers only you, or you and your spouse – you may be unaware that you can have tax filing responsibilities. Here are two situations when you may need to file […]

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12 Jun Posted by in Newsletters | Comments

Retirement Coming This Summer? Plan for Estimated Tax Payments

Retirement Coming This Summer? Plan for Estimated Tax Payments

Early retirement, delayed retirement, phased retirement – if you’ve decided this summer is your time to leave the workforce, you have decisions to make. One of them is whether you will need to pay estimated taxes. While you may expect your income to decrease when you’re not working, remember that you might be withdrawing funds […]

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07 Jun Posted by in Newsletters | Comments

Protect Your Family from Tax and Financial Scams

Protect Your Family from Tax and Financial Scams

The “Older Americans Act Reauthorization Act of 2016” was signed into law in April, and May is Older Americans Month, a national celebration of the many contributions of older Americans. Both events present a good opportunity to talk to your family elders about financial safety and ways to prevent scams. One place to start: The […]

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