If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here.

Normal due date: Monday, June 15^th 2015

Remember you are required to withhold at least 90% of your current tax obligation or 100% of last year’s federal tax obligation.* A quick look at last year’s tax return and a projection of this year’s obligation can help determine if a payment might be necessary. Here are some other things to consider:

Watch out for the AMT

As you review your income tax situation at midyear, consider your exposure to the alternative minimum tax (AMT). The alternative minimum tax involves...

IRS Issues Reminder on Child Tax Credit

Working parents should be aware that the child and dependent care tax credit is available to offset some of the expenses for child care. Six facts the IRS wants taxpayers to know about the credit:

Summertime tax tip!

If you itemize your deductions, you can deduct the mortgage interest and property taxes paid for your vacation home. A boat or RV can qualify as a....

In this issue:

• The Chances of Being Audited
  2014 audit statistics show changes  
• Know Someone Getting Married?
  Tips for every bride and groom  
• The Father's Day Quiz
  A little summer fun  
• In the News: IRS Data Breach
  Was your taxpayer identity stolen?  

Tips for the Month - May

The IRS matches all W-2 income as well as all Forms 1099 reported on your tax return and will contact you about unmatched amounts.

Nonprofits with annual gross receipts of no more than $50,000 can file a 990-N, called an e-Postcard.

You’ve been patiently waiting for your tax refund to show up and instead of a refund check you receive IRS Form 5071C in the mail. This is often the first indication you will receive from the IRS that you may be the victim of identity theft. Here is what you need to know. 

One of the biggest contributions a taxpayer can make is to donate a used automobile. But if not careful, the value of a donated vehicle could be a lot lower than you think.

THE RULE

When you donate a vehicle, the value of your donation is either the fair market value of your vehicle when you donate it OR the value received by the charitable organization for your donation. Unfortunately, you do not...

2016 Health Savings Account Limits

The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2016. The new limits are outlined here with current year amounts noted for comparison purposes.

What is an HSA?

An HSA is a tax-advantaged savings account to pay for qualified health care costs for you, your spouse, and your dependents. When contributions are made through an employer, they are made on a pre-tax basis. There is no tax on

Per the IRS, in 2011 approximately 1 million tax returns represented $1 billion in unclaimed refunds. As unlikely as this sounds, losing a refund could happen to you or someone you know. Here are some common causes of missing out on your full refund.

Every estate plan should have these basic documents

Estate planning is not just a task for the wealthy. Even though federal tax implications kick in only if your estate exceeds $5,430,000, there are other issues that make estate planning important for most individuals.

What every spouse should know before signing a joint return

The advantage of filing a joint tax return is well known - you generally save money compared to filing separately. However, there is at least one potential disadvantage. Both spouses are jointly and severally liable for the entire income tax bill, including interest and penalties, even if one earned most or all the income.

20 million qualify for ACA penalty exemption

According to a Brookings Institution paper on the Affordable Care Act, an estimated 20 million taxpayers who had no health insurance in 2014 will...

Roth IRAs: A smart tax idea for children

Persuading your working children to make retirement contributions may not be easy, but investments in Roth IRAs may be the wisest possible use of their earnings. The nature of Roth IRAs, coupled with the effects of long-term compounding, can create exceptional returns on such early investments.

Create a road map to retirement

Preparing for your retirement is a journey. And like most journeys, success or failure often hinges on decisions made early in the trip. Consider some of these pointers as you develop your personal road map to retirement.

Understand the pros and cons of DRIPs

Appropriately enough, investors may notice a slow trickle in earnings from "dividend reinvestment plans" (DRIPs). But these investments may end up providing a steady stream of income over the long run.

The concept is relatively simple. More than 1,000 companies and closed-end mutual funds around the country offer DRIPs to their shareholders. These programs enable shareholders to purchase stock directly from the company by automatically reinvesting dividends in additional shares. Many DRIPs also allow you to voluntarily make cash payments directly into the plan to buy even more shares.

Your 401(k) and a job change

If you change jobs this year, don't forget about your 401(k) in your old employer's retirement plan. You may be tempted to...

IRS TAX AUDITS CUT BY BUDGET ISSUES

The IRS reports that its enforcement budget has been cut by $254 million, a 5% reduction from the previous year. As a result...

New myRA program now available

A new simplified Roth IRA is the newest retirement plan. The account is called a myRA (short for "my retirement account"). It's funded by...

For effective tax planning, do a midyear review

With summer vacations and warm weather just around the corner, tax planning may not be a priority on your agenda. The problem is that if you wait until December, you cut the time for planning strategies to take effect. But if you take the time to plan now, you still have eight months for your actions to make a difference on your 2015 tax return.