Is your tax refund too big?

  According to the IRS, the average tax refund received in 2015 was just about $2,800. Receiving such a large check from the government can be exciting but adjusting their withholding and receiving a smaller refund might actually be more beneficial for taxpayers. A tax refund is the return of taxes paid beyond what was owed…

IRA Charitable Rollover signed into law

On December 18, 2015, President Obama signed the PATH Act  of 2015  (Protecting Americans From Tax Hikes) that permanently extends the IRA charitable rollover opportunity. Each IRA owner age 70.5 and over may make a tax-free gift of up to $100,000 per year directly from their IRA to eligible/qualified charities, including colleges, universities, and independent…

What are your plans for your tax refund?

  Although it may not always be ideal to have a large tax refund, it’s definitely better than owing the IRS. If you’re not sure how to spend it yet, check out Mint’s suggestions in their infographic, “When to Expect Your Tax Refund (and how to spend it!)” While it is tempting to go shopping after receiving a…

Required Minimum Distributions for Traditional IRAs

A Traditional IRA requires you to take a distribution after you turn 70 ½. This is called a Required Minimum Distribution, often referred to as an RMD. Your RMD is calculated by dividing the amount in your IRA as of December 31st of the previous year by your life expectancy (as estimated by the IRS). So,…

CTC tips: 2015 tax limits

It’s March, so it must be tax season. For the first several months of the year we focus a significant amount of time on the tax side of our work.  There is always something new – some new regulations to incorporate into reporting and new rules to work through. We like to use this time early…