2016 tax returns determine 2018 Medicare premiums High-income surcharge based on new brackets next year   As your older clients gather their financial documents to file their 2016 federal income taxes, they should pay close attention to the bottom line on their tax return. Their adjusted gross income in 2016, plus any tax-exempt interest income, [...]

It's a new year and time to put the last one to bed, which means filing your taxes. The Internal Revenue Service says to expect a few changes when the nation's individual income tax filing season opens on Jan. 23. Here are some of the changes you should be aware of: NEW DATE Taxes are [...]

These statistics paint a clear picture of how Social Security is doing and where it might be headed. More than 65 million people depend on Social Security for some or all of their income, but Social Security's financial shape is expected to deteriorate over the coming decades. Here are some eye-opening statistics about the current [...]

Three facts about Social Security, including the full retirement age, how the date you retire will affect your spouse, and what role your life expectancy plays in your benefits are very important to baby boomers. The oldest Baby Boomers are now in retirement age, while the youngest are in their 50s. Considering that many Baby [...]

Start preparing now to save money next tax season by accounting for these tax-deductible business expenses. Many small business owners aren’t aware, but they’re often eligible for lots of different tax deductions from the government. Sure, most entrepreneurs know to deduct expenses like employee salaries and benefits, the cost of goods sold, and rent. But [...]

Each year, business owners can count on changes in tax law and other rules. For 2017, small businesses are getting a bigger deduction for equipment purchases, and those that aren't required to provide health insurance will have an option to help staffers pay for coverage. Many companies have new filing deadlines for their tax returns, [...]

Small businesses live and die by their cash flow and accountability. Accurate recordings of transactions, coupled with proper assessment and processing, give small business owners a firm base on which to make decisions and create plans for growth. Recording and understanding the sales, expenses and other basic business data should be easy enough for small [...]

In just a few short months, the day you’ve dreaded all year will be here: Tax Day. To prepare for the ominous April deadline, start organizing your finances and look for every single tax deduction, write off and credit you qualify for. Whether you’re a rookie or veteran tax filer, there’s a chance you’re missing [...]

The clock is ticking on taking advantage of tax breaks for 2016. From managing capital gains to charitable giving, financial advisors point to a range of tax strategies that can help reduce the amount you fork over to Uncle Sam. But don't make the mistake of waiting to act until next spring, when the April [...]

The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per [...]