Benefits

As you’re working through federal income tax returns of clients during the home stretch, you hold a veritable ace up your sleeve: the IRA contribution. For clients who qualify, a contribution made by the tax return due date – April 15, 2015 for ...

This is no April Fool’s joke: After a taxpayer reaches age 70½, he or she must begin taking required minimum distributions (RMDs) from traditional IRAs and qualified retirement plans, like a 401(k), by April 1 of the following year. And then the ...

Taxpayers still have time to decrease their 2014 taxes by contributing to an IRA. In most cases, doing so can help them qualify for a deduction or even a tax credit.

Special tax rules apply to military members on active duty and in the reserves, particularly those serving in combat zones. These can help lower federal taxes and make it easier to file tax returns.

The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.

Although pension advances may seem like a “quick fix” to your financial problems, they can eat into your retirement income when you start paying back the advance plus interest and fees.

To help taxpayers, the American Institute of CPAs (AICPA) has provided a list of the most commonly-asked questions about the health insurance information reporting required by the Affordable Care Act on 2014 federal income tax returns.

Reports are popping up around the country that unlicensed and crooked income tax preparers are telling taxpayers that they need to make the Affordable Health Care Act's individual shared responsibility payments directly to the tax preparer. Obamacare is..