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Now that fall has begun, it’s time to start your year-end tax planning for 2015 — and to tie up loose ends that remain from the 2014 tax season. Here are some reminders that the IRS has sent out recently and related federal income tax-savings opportunities for individuals...

National Taxpayer Advocate Nina E. Olson recently released her 2014 annual report to Congress, which expresses concern that taxpayers this year are likely to receive the worst levels of taxpayer service since at least 2001, when the IRS implemented its current performance...

If you worked as an employee during 2014, your employer must give you a Form W-2, “Wage and Tax Statement,” by February 2, 2015. This form shows the amount of wages you received for the year and the taxes withheld from those wages, and it must be filed with your return. If you...

In addition to helping you build wealth, owning a home provides valuable tax breaks. Knowing about potential tax savings associated with homeownership is the best way to get the most out of this major investment — taking tax advantage of your home. Positively in debt You’re...

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 authorities on tracking the expectancies of Americans is known as the Society of Actuaries. The information they collect and process is then used for pricing insurance contracts and making pension benefit cost projections. Recently, they have reset the longevity averages for...

With the 2015 tax year right around the corner, there is good news coming from the IRS. According to a recent announcement, the tax agency has increased several tax breaks due to inflation adjustments. Here is a rundown of some of the changes: Contributions to 401(k) and 403(b)...

A year end checklist The end of the year is fast approaching, but there’s still time for business owners to plan to minimize tax liability. The following checklist is designed to help you review your 2014 transactions and activities and take beneficial action before Dec. 31. Have...

Are you a collector of antiques, artifacts or other goods? If your passion evolves into a full-fledged business with a profit motive, you may use a resulting tax loss to offset other income on your return. However, if the IRS classifies the activity as just a hobby — as it...