Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings.

Over the last several years, the IRS has published a series of regulations and rulings that dramatically change how taxpayers must account for the costs of acquiring, repairing, improving and even disposing of tangible property. These new rules represent some of the most significant changes in tax law since the Tax Reform Act of 1986…

In the past, employers were allowed to either reimburse employees for the cost of individual health insurance policy premiums or pay the premiums directly on behalf of the employee.  Provided the proper requirements were met, as required under the Internal Revenue Code, these benefits could be provided to the employee on a pre-tax basis.  Due…

Thanks to the tenacious activity by Congress at year end, the President signed into law the “Tax Increase Prevention Act of 2014,” (TIPA) on December 20, 2014. This is commonly referred to as the “Tax-Extenders” law that retroactively extended, for one year only, many of the previously passed tax breaks for businesses and individuals that…

Form VA-6 and supporting statements (W-2s and 1099s) will now be due January 31 each year. The previous due date was February 28. In 2015, because January 31 falls on a weekend, the actual due date will be the next business day: Feb. 2. As usual, the forms must be filed electronically, according to the…

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient.

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax liability.