Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the 401(k) limit has gone up by $500. The only other limit that has increased from the 2017 […]
You would think that with tax season being “technically” over that you wouldn’t hear anymore about tax scams. Contrary to popular belief, tax scams are still going on as these scammers appear to work year round. The IRS is urgin people to stay vigilant against calls from these scammers that are impersonation as IRS officials. […]
In December of 2015, the Federal Reserve hiked interest rates for the first time since 2006. While that hike was modest, many believed it to be the first of many that would take place over the next couple of years. In light of Brexit and weaker than expected jobs reports, that may no longer be […]
Many taxpayers have received the last week of May a Form 5498 and are concerned that they missed reporting this on their 2015 income tax return. Do not fret; your IRA trustee or issuer is required to file this form with the IRS by May 31st. The copy that you received in the mail is […]
2016 was the first year that the IRS made it mandatory for individuals to provide proof that they had health care coverage or they had to apply through the Marketplace for an exemption certificate. Forms 1095’s were sent out earlier this year which provided the necessary information when you filed your individual tax return indicating […]
The final days of the 2016 tax season are upon us, and that means if you haven’t already filed your taxes you have just a few more days left. Sandy Furuya, Senior Accounting Manager at [Wamhoff Accounting Services], answers last minute questions you may have. What is the deadline this year to file taxes? While […]