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Don’t overlook tax planning in a divorce

Published on April 25th, 2013

Tax rules are daunting at the best of times – and they’re more so at the worst of times, such as during a divorce, when you may feel too stressed to face decisions involving your taxes. Yet the choices you make will affect your future, both financially and personally. Here’s where to start. Filing status. [...]

May 15 deadline for nonprofit organizations

Published on April 24th, 2013

Tax-exempt organizations are required to file annual reports with the IRS by the 15th day of the fifth month after their year-end. Those with gross receipts below $50,000 can file an E-postcard rather than a longer version of Form 990. For calendar-year organizations, the filing deadline for 2012 reports is May 15, 2013.

You can’t change your mind after you convert

Published on April 10th, 2013

Under the new tax law, it is now easier to convert your employer-sponsored retirement plan such as a 401(k), 403(b), or 457 into a Roth IRA account. This is similar to converting your traditional IRA into a Roth IRA, but with one very significant difference. When you convert a traditional IRA into a Roth IRA, [...]

It’s tax filing deadline time

Published on March 29th, 2013

Monday, April 15, is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. Filing 2012 income tax returns for individuals. If you cannot file your return by this deadline, be sure to file an extension request by April 15. The automatic extension (you don’t need to explain to [...]

Prior-year health care reform law changes 2013 tax rules

Published on March 13th, 2013

The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare taxes for taxpayers with incomes above certain levels. Here are some of the changes that could affect you. Medical expense itemized deduction. The 7.5 percent income threshold for deducting unreimbursed medical expenses increases to [...]

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