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Tax Tips for Foreign Taxpayers

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the “FBAR” as well as Form 8938, also referred to as “FATCA.” Note: FBAR is not a tax form, but is due to […]

Donating a Car to Charity

If you donated a car to a qualified charitable organization in 2017 and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Note: You can deduct contributions to a charity only if you itemize deductions using Schedule A of Form 1040. Charities typically sell donated vehicles. If the vehicle is sold by the charitable organization you donated it to, the deduction claimed by the donor (you) and […]

Who Should File a 2015 Tax Return?

Most people file a tax return because they have to, but even if you don’t, there are times when you should because you might be eligible for a tax refund and not know it. This year, there are a few new rules for taxpayers who must file. The six tax tips below should help you determine whether you’re one of them. 1. General Filing Rules. Whether you need to file a tax return this year […]

Charitable Giving Forecast to Grow in 2014

According to a report on charitable giving released in May 2014 by a leading forecast organization, Atlas of Giving, the U.S. is likely to see more than a 7% growth in charitable donations in 2014 compared to 2013. Atlas of Giving provides a monthly estimate of charitable giving by sector, source, and state. In 2013, Americans set a record. Fueled largely by significant gains in stock prices, charitable giving in the U.S. increased 13% in […]

An Introduction to Split-Dollar Life Insurance

Contrary to what you may think, split-dollar life insurance is not an insurance policy, at least not in the classic sense. It is a type of arrangement that allows two parties, typically an employer and an employee, to split life insurance protection costs and benefits. The premium payments, rights of ownership, and proceeds payable on the death of the insured are often split between the company and a key employee. In many situations, however, the […]

Small Employers Should Check Out the Health Care Tax Credit

New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can help them provide insurance to their employees. For tax years beginning in 2014 and after, the maximum credit is 50 percent of premiums paid for small business employers, and 35 percent of premiums paid for tax-exempt small employers, such as charities. Beginning in 2014, a small employer may qualify for […]

Top Four Year-End IRA Reminders

Individual Retirement Accounts are an important way to save for retirement. If you have an IRA or may open one soon, there are some key year-end rules that you should know. Here are the top four reminders on IRAs: 1.       Know the limits.  You can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional or Roth IRA. If you file a joint return, you and your spouse […]