Switch to ADA Accessible Theme
Close Menu
+

Tag Archives: tax time

Make a 2015 contribution to an IRA before time runs out

By Legacy Protection, LLP |

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits as… Read More »

Facebook Twitter LinkedIn
tax fraud

Help prevent tax identity theft by filing early

By Legacy Protection, LLP |

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16. But there’s another date you should keep in mind: January 23. That’s… Read More »

Facebook Twitter LinkedIn

How to max out education-related tax breaks

By Legacy Protection, LLP |

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you… Read More »

Facebook Twitter LinkedIn

Why it’s time to start tax planning for 2016

By Legacy Protection, LLP |

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities A tremendous number of variables affect your overall… Read More »

Facebook Twitter LinkedIn

Filing for an extension isn’t without perils

By Legacy Protection, LLP |

Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension. Extension deadlines Filing for an extension allows you to delay filing your return until the applicable extension… Read More »

Facebook Twitter LinkedIn
iStock_000002148838Small

What 2015 tax records can you toss once you’ve filed your return?

By Legacy Protection, LLP |

The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 3-year rule At minimum, keep tax records for as long as… Read More »

Facebook Twitter LinkedIn

Do you need to file a 2014 gift tax return by April 15?

By Legacy Protection, LLP |

Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse to take advantage of your combined $28,000 annual exclusions, or Of future… Read More »

Facebook Twitter LinkedIn