Individual Tax

//Individual Tax

Yikes! I Just Got a Letter from the IRS!

By | 2017-07-13T19:23:47+00:00 July 13th, 2017|Corporate & Partnership Tax, Individual Tax, News & Events|

By: Rachel Aaron, CPA Supervisor & IRS Specialist   JMF is always ready and willing to assist you when correspondence from the IRS comes your way. We have highly trained staff that deal with these issues on a regular basis. As tax practitioners representing our clients, we often have the ability to communicate with the [...]

Seven Midyear Tax Strategies That Are in Vogue

By | 2017-06-28T16:24:29+00:00 July 10th, 2017|Corporate & Partnership Tax, Individual Tax, News & Events|

While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital gains or losses. The maximum tax rate [...]

Gearing Up for an Auto-enrollment 401(k) Plan

By | 2017-06-28T16:11:14+00:00 July 5th, 2017|Corporate & Partnership Tax, Individual Tax, News & Events, Pension Admin & Consulting|

A 401(k) plan can be a win-win situation for employees and employers. Just take a quick look at the payoff. *For employees: You can defer up to $18,000 of salary to your account in 2017 ($24,000 if you are age 50 or older), before any employer-matched contributions. Contributions may grow without any tax erosion until [...]

Tax Mileage for Charitable Travel

By | 2017-05-25T20:34:25+00:00 June 1st, 2017|Individual Tax, News & Events|

Do you travel in your vehicle on behalf of a charity? In lieu of keeping track of actual expenses, you can use the standard mileage rate of 14 cents per mile, plus related tolls and parking fees, to figure out the deduction. Unlike the standard mileage rates for business, moving or medical expense travel, this [...]

Ten Moves Forward for a Second Marriage

By | 2017-05-25T20:36:08+00:00 May 30th, 2017|Estate & Trust, Individual Tax, News & Events, Pension Admin & Consulting|

Consider estate-planning implications If you are getting remarried, you may face some special estate-planning challenges, especially if you have children from a prior marriage. The following 10 tips may help. 1. Talk with one another. Do not start off a marriage by hiding financial interests or concerns from one another. For instance, if you intend to [...]

The IRS Updates Its “Dirty Dozen” Tax Scam List for 2017

By | 2017-05-25T20:56:40+00:00 May 27th, 2017|Corporate & Partnership Tax, Individual Tax, News & Events|

  The IRS recently released its annual list of "Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary. 1. Phishing: Be on guard against fake e-mails or websites looking to steal personal information. Do not click on e-mails claiming to come from the IRS. 2. Telephone scams: [...]

Open the Door to Home-office Deductions

By | 2017-05-25T20:36:50+00:00 May 25th, 2017|Entrepreneurs, Individual Tax, News & Events|

For a small-business owner who works out of his or her personal residence, a home-office deduction can provide significant tax savings, year in and year out. But keeping detailed records is critical. Although you may elect to use a simplified method for deducting home-office expenses on your 2015 tax return, the actual expense method usually [...]

Be Sure About Estimated Tax Payments

By | 2017-05-16T15:03:38+00:00 May 16th, 2017|Entrepreneurs, Individual Tax, News & Events, Payroll & Bookkeeping|

Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The next due date for quarterly [...]