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The better organized you keep your information, the easier it is to file early because you don’t need to search for missing data. And you can speed up your refund by getting your tax return filed early in the tax season.   Last-minute tax preparation is stressful. Beat the...

The “quickie election” rules were originally proposed two years ago, but were narrowly rejected by the National Labor Relations Board (NLRB) when the majority of its five members were appointees of President George W. Bush. Today the majority are President Obama...

The recent terrorist attacks in France may have prompted Congress to reauthorize the Terrorism Risk Insurance Act (TRIA), which had expired at midnight on December 31, 2014. The U.S. House of Representatives approved a bill on January 7 that extends protection for six more years...

On Dec. 19, the president signed into law the Tax Increase Prevention Act of 2014 (TIPA), which extended through Dec. 31, 2014, many valuable tax breaks that had expired at the end of 2013. Here are three that individuals may be able to take advantage of when filing their 2014...

January 15 Individual taxpayers’ final 2014 estimated tax payment is due unless Form 1040 is filed by February 2, 2015, and any tax due is paid with the return. February 2 Most employers must file Form 941 (“Employer’s Quarterly Federal Tax Return”) to report Medicare, Social...

Taxability of rewards programs For anyone who spends a lot of time traveling by air for business purposes, one of the nice things that typically occurs because of all of that travel is frequent flyer miles. Even better, about 14 years ago the IRS addressed the controversial...

A set of tax rules known as the uniform capitalization (UNICAP) rules require certain business costs that are normally expensed as they’re incurred to instead be capitalized as part of the cost of inventory held for resale or noninventory items produced by a taxpayer for use in...

The following table provides some important federal tax information for 2015, as compared with 2014. Some of the dollar amounts changed due to inflation. Other amounts changed due to legislation. Social Security/ Medicare 2015 2014 Social Security Tax Wage Base $118,500 $117,000...

We Wish You Health and Happiness. Best Wishes for the New Year!

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $17,500 $18,000 Annual benefit...