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mermcpas | Tax Tips

Tax Tips

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Tax Tips
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mermcpas | Tax Tips | mermcpas.wordpress.com Reviews

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Tax Tips

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1

Tax tips for that first job | mermcpas

https://mermcpas.wordpress.com/2015/07/31/tax-tips-for-that-first-job

July 31, 2015. Tax tips for that first job. Out of school and into the workforce. If the expression describes you or a family member this summer, filling out Form W-4 properly can make your first job less taxing. Here’s why: The amount of federal income tax withheld from your wages depends on how you complete IRS Form W-4, the “Employee’s Withholding Allowance Certificate,” which tells your employer your marital status and the number of withholding allowances you’re claiming. IN ADDTION TO BEING A CPA, I...

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December | 2014 | mermcpas

https://mermcpas.wordpress.com/2014/12

Monthly Archives: December 2014. December 30, 2014. How to tell you have credit card problems. If you’re living beyond your means, you could be courting financial disaster. Here are some indicators that you need to get your credit card usage under control. Your income’s dwindling but your credit card balances keep growing. Lost your job but can’t seem to reign in those charge cards? Don’t be surprised when the bill collectors come calling. The utility company calls. When the local water company threa...

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mermcpas | Tax Tips | Page 2

https://mermcpas.wordpress.com/page/2

April 26, 2016. You may benefit from two filing extensions. The IRS has extended the time to meet two filing requirements that may benefit you. Asset basis consistency statement. Executors of estates who are required to report the value of assets to beneficiaries now have until June 30, 2016, to file statements with the IRS and the beneficiaries. Work Opportunity Tax Credit. Contact us for details about these new deadlines. April 19, 2016. IRS interest rates rise for the second quarter of 2016. Do you ne...

4

Consider taxes when you change jobs | mermcpas

https://mermcpas.wordpress.com/2015/07/29/consider-taxes-when-you-change-jobs

July 29, 2015. Consider taxes when you change jobs. Taxes may be the last thing on your mind when you’re changing jobs, but overlooking their impact could mean missed tax-saving opportunities. Issues to consider include:. Have the money in your retirement account transferred directly into another qualified plan or an IRA. A direct rollover avoids automatic income tax withholding and income taxes. Second, you must work full time in your new location for at least 39 weeks during the 12 months following you...

5

January | 2015 | mermcpas

https://mermcpas.wordpress.com/2015/01

Monthly Archives: January 2015. January 30, 2015. Update your beneficiary designations. Who have you designated as beneficiaries for your insurance policies and retirement accounts? When you designate a beneficiary for an account, you are naming the person you want to inherit that account. Your designation determines who will inherit the assets in the account, regardless of what your will might say. Generally, the assets will bypass probate and go straight to the person or institution you named. First, f...

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mermcpas | Tax Tips

August 7, 2015. Summer is here and so are tax-saving opportunities. Here are seven suggestions for cutting your tax bill. Rent out your vacation home. If you own a second home, rent it out this summer when you’re not using it. Generally, you can offset the rental income with rental-related expenses, leaving you with little or no tax liability. Harvest capital gains or losses. Does your child need a summer job? Send the kids to camp. Are you the working parent of under-age-13 children? The usual 50% limit...

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