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Congress passes “extenders” legislation reviving expired tax breaks for 2015

by Melissa Rager

Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on December 18. The PATH Act not only revives […]

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7 last-minute tax-saving tips

by Melissa Rager

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability — you must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur deductible medical expenses (if your deductible medical expenses for the […]

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Tax extenders bill…we are waiting again…

by Melissa Rager

The holiday season is a time of year for traditions, such as trimming a tree, caroling, visiting Zoo Lights, and of course, waiting for the Tax Extenders Bill to be passed! 2015 is no different, and with a slew of tax provisions that have expired with the 2014 tax year, we are once again at […]

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Avoid a 50% penalty: Take retirement plan RMDs by December 31

by Melissa Rager

After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). You also could be required to take RMDs if you inherited a retirement plan (including Roth IRAs). If you don’t comply — which usually requires […]

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Don’t miss your opportunity to make 2015 annual exclusion gifts

by Melissa Rager

Recently, the IRS released the 2016 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.45 million (up from $5.43 million in 2015). But even with the rising exemptions, annual exclusion gifts offer a valuable tax-saving opportunity. The 2015 gift tax annual exclusion allows you to give […]

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