Health Savings Accounts can be a source of retirement funds when properly positioned with other retirement fund options, but it's important to know their advantages and disadvantages. The Good HSAs work best when they are used for their designed purpose: to pay for qualified medical expenses. Neither your original contributions to an HSA nor your [...]
Changing jobs and companies can be an exciting opportunity, but you have a choice to make. What will you do with the retirement savings you have accrued in your 401(k)? Consider these four choices: Withdraw the money and don't reinvest it. This is usually the worst choice you can make. Generally, you'll owe taxes on [...]
June 15, 2017, is the due date for making your second installment of 2017 individual estimated tax. Your check to the United States Treasury should be accompanied by Form 1040-ES. June 15 is also the due date for calendar-year corporations to make their second quarter 2017 estimated tax payment.
As an executor of an estate, it's your responsibility to make sure all the necessary tax returns are filed. This overview will help you make sure you don't miss any. Your role as an executor or personal administrator of an estate involves a number of responsibilities. Did you know that part of your responsibility involves [...]
It's that time of year when you are getting ready to sort out last year's financial records and prepare for this year's recordkeeping. Do you know what you should keep and what can you throw away? Here are some suggestions... Keep records that directly support income or expense items on your tax return. For income, [...]
Our friends at MN Revenue published the following news release on 1/19/17: ST. PAUL, Minn. – With income tax season opening Monday, January 23, Minnesota taxpayers who need to register to vote or update their voter registration can now do so when they file their income taxes electronically, the Minnesota Department of Revenue and [...]
The following good news was announced last week by our friends at Minnesota Revenue.... Minnesota lawmakers have passed legislation granting tax relief for some taxpayers by updating Minnesota’s tax code to match the federal code in several areas for tax years 2015 and 2016. What can taxpayers expect from the department? To ensure a smooth [...]
From IRA and HSA contributions to moving expenses, find out how you can still claim some deductions on your 2016 federal income tax return. Here's how you can benefit... * IRA and HSA contributions If you made a contribution to your traditional IRA for 2016, or if you plan to make a 2016 [...]
WASHINGTON –As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by [...]
Don't let penalties for underpaid taxes increase your tax bill next April. Check the total you've paid in for 2016 through withholding and/or estimated taxes. If you've underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include [...]