Posted in Individual Tax Brief

Teens in Your Family With Summer Jobs? Set up IRAs for Them!

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible,…

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Posted in Individual Tax Brief

Do you Need to File a 2014 Gift Tax Return by April 15?

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 interests…

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Posted in Individual Tax Brief

Be Sure to Deduct all of the Mileage You’re Entitled to

You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The rates vary depending on the purpose and the year: Business: 56 cents (2014), 57.5 cents (2015) Medical: 23.5 cents (2014), 23 cents (2015) Moving: 23.5…

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Posted in Individual Tax Brief

You May be Able to Save More for Retirement in 2015

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit  Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1)plans   $17,500   $18,000  Annual benefit for defined benefit plans   $210,000   $210,000  Contributions to defined contribution plans   $52,000…

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