/>

Attorney At Law
Certified Public Accountant
Licensed Real Estate Broker / Appraiser

Phone: 610-459-8074
Fax: 610-459-8653

Tell A Friend
Thursday March 5th, 2015

Attorney at Law | Certified Public Accountant | Licensed Real Estate Appraiser | Licensed Real Estate Broker

Since 1973

Tax News

Thursday March 5th, 2015

Subscribe to the Wall Street Journel


Protect Yourself From Tax Identity Theft

Hackers are using stolen identities to commit tax refund fraud. Here are moves to limit the risk—and steps to take if you’re a victim.

Taxes: Make the Most of Your Charitable Giving

Not every donor or every contribution qualifies for a tax deduction.

Fraud Alert: What TurboTax Users Need to Know Now

Answers to questions people are asking after a spate of bogus tax filings.

Don't Fall Into a Tax Trap

With the April 15 deadline looming, here are the hidden hazards that can cost taxpayers money—or get them in trouble with the IRS.

Some Closing Thoughts on Taxes

Tom Herman’s last Sunday WSJ ‘Tax Tip’ column on selling your home, audits and the alternative minimum tax.

Why 'Free File' for Taxes Isn't So Popular

Here is how taxpayers can navigate the maze of offerings and avoid unnecessary charges.

For Most Taxpayers, No More Income Averaging

Lawmakers repealed income averaging many years ago for most taxpayers. But they made some exceptions: People in farming or fishing may still qualify for a form of income averaging.

States That Tax Social Security Benefits

Minnesota is among 13 states that slap some kind of tax on Social Security income. Some of those states, among them Connecticut and Montana, have separate calculations and/or income limits to determine taxable benefits.

IRS Giveaway: Tax-Filing Software

About 70% of all taxpayers are eligible for free federal income-tax-preparation and electronic-filing software through a program known as ‘Free File.’

A Big No-No If You're Giving to a Charity From Your IRA

Not all charities are created equal when it comes to giving directly from your retirement account, warns Tom Herman.

Social Security's New Income Rules

The cap on taxable income is rising this year.

Clements: Misguided Money Ideas I Keep Hearing

Jonathan Clements responds to readers on when to claim Social Security, buying individual bonds or bond funds, and whether to pay off a mortgage early.

Seniors Get a Higher Standard Deduction

It kicks in when you turn 65, the IRS says.

How Should Capital Gains Be Taxed?

Are capital gains so different from earned income that they should be taxed at a different rate?

Protect Yourself From Tax Identity Theft

Hackers are using stolen identities to commit tax refund fraud. Here are moves to limit the risk—and steps to take if you’re a victim.

Taxes: Make the Most of Your Charitable Giving

Not every donor or every contribution qualifies for a tax deduction.

The Best Ways to Save for College

Families can use 529 plans, Coverdell accounts, Roth IRAs and other options—and some find it best to combine them.

Fraud Alert: What TurboTax Users Need to Know Now

Answers to questions people are asking after a spate of bogus tax filings.

Tax Tips for 529s

Paying for all your college expenses with money from a 529 savings account might shut you out of other tax breaks. With a little planning, you can maximize benefits.

For Tanaka, Elbow Remains a Sore Subject

Masahiro Tanaka, the Yankees’ star pitcher, spent his off-season barnstorming across television studios and concert stages in Japan. Amid all the openness, however, there has been little talk of the question that is truly on the minds of Yankees fans: How is his right elbow?

Golden Rules for Your Golden Years

Seven guidelines to help meet your retirement goals. While there are no guarantees, these will help you avoid some of the biggest mistakes people make with their investments and minimize the risk that your nest egg will expire before you do.

Some Closing Thoughts on Taxes

Tom Herman’s last Sunday WSJ ‘Tax Tip’ column on selling your home, audits and the alternative minimum tax.

Don’t Fall Into a Tax Trap

With the April 15 deadline looming, here are the hidden hazards that can cost taxpayers money—or get them in trouble with the IRS.

Art Exchanges Borrow a Tax Strategy Used in Real Estate

People who sell valuable works of art are increasingly avoiding capital-gains taxes by applying the IRS rule on 1031 exchanges.

For Most Taxpayers, No More Income Averaging

Lawmakers repealed income averaging many years ago for most taxpayers. But they made some exceptions: People in farming or fishing may still qualify for a form of income averaging.

Why ‘Free File’ for Taxes Isn’t So Popular

Here is how taxpayers can navigate the maze of offerings and avoid unnecessary charges.

IRS Giveaway: Tax-Filing Software

About 70% of all taxpayers are eligible for free federal income-tax-preparation and electronic-filing software through a program known as ‘Free File.’

States That Tax Social Security Benefits

Minnesota is among 13 states that slap some kind of tax on Social Security income. Some of those states, among them Connecticut and Montana, have separate calculations and/or income limits to determine taxable benefits.

Trusts That Can Trim State Income Tax

Weekend Investor: So-called incomplete nongrantor trusts are attracting some investors in high-tax states. One such state has already cracked down on their use.

Wal-Mart to Give U.S. Tax Refunds in Cash

Wal-Mart will give Americans their tax refunds in cash for little or no fee, the latest financial service offered by the world’s largest retailer aimed at getting shoppers to spend more at its stores.

Taxpayers Should Brace for IRS Bottlenecks

Taxpayers are facing the worst service from the Internal Revenue Service since at least 2001, with more than half of callers unlikely to get through to the agency and average hold times of 30 minutes or more, according to a government report.

A Big No-No If You’re Giving to a Charity From Your IRA

Not all charities are created equal when it comes to giving directly from your retirement account, warns Tom Herman.

TurboTax Triggers a Revolt

Some users are fuming about having to pay more to file 2014 tax returns. Here are issues for customers to weigh.

Who Should You Trust to Oversee a Family Trust?

It might be a relative, a professional trustee or co-trustees.

Clements: Misguided Money Ideas I Keep Hearing

Jonathan Clements responds to readers on when to claim Social Security, buying individual bonds or bond funds, and whether to pay off a mortgage early.

Seniors Get a Higher Standard Deduction

It kicks in when you turn 65, the IRS says.

Banks Subject to Intense Oversight, Inscrutable Rules

The fact that banks returned all bailout funds plus interest and paid tens of billions of dollars in fines is a missing chapter in the bank-bashing narrative.

The Quickest Way to Get Your Tax Refund

Experts say e-filing is by far the quickest and safest route to obtain your tax refund, compared with the old paper returns.

The Outlook for Taxes in 2015

This year could see Congress tackle a tax overhaul.

15 Numbers Every Investor Needs to Know

Here are the figures that matter most for making smart decisions about investments, taxes and financial planning.

Last-Minute Ways to Cut Your 2014 Taxes

Tom Herman explains the rules on charitable deductions. Separately, many popular tax breaks that expired at the end of 2013 are getting a new lease on life.

Your Driving Deductions for 2015

If you use your car for work, you may be eligible for a tax break that will be slightly more generous in the new year. You may also qualify for a deduction if you use your vehicle to help a charity, or for medical or moving purposes.

End of the Road for ‘Investing Basics’

Before moving on, Carolyn Geer looks back on her WSJ Sunday column.

Congress Extends Charity IRA Rule Through Dec. 31

Provision is retroactive to Jan. 1, 2014.

Man Crashes Car Into Spanish Governing Party Headquarters

A man smashed a car laden with explosives into the Madrid headquarters of Spain’s governing Popular Party, but failed to detonate them and caused no casualties..

Spanish Political Office Subject of Failed Attack

A Look at the Year Ahead With Three Financial Advisers

Fee-only financial advisers discuss how investors can prepare for increased volatility, any action by the Fed and other investment and tax issues.

Donating or Selling a Collection? How About Both?

Art collectors looking to dispose of a pricey collection can sell it, often in pieces, donate it—or find a museum that will take the whole thing but pay only part of its value, with the rest becoming a tax-deductible donation.

What to Know Before Donating Art

Sure, it’s nice to get your name on a plaque on the wall. But the price may be much higher than you think.

Private Trusts for the Very Rich

Mega-rich families increasingly are setting up their own trust companies to manage and invest their wealth.

A ‘Standard’ Tax Break for Seniors

If you’re older than 65, add $1,200 to your standard federal deduction.

The IRA Advantage of a Low Tax Bracket

In years when your income is low, consider a Roth conversion, writes Jonathan Clements.

Charitable IRA Rollovers Could Get Reprieve

Congress ended the week poised to revive a popular tax provision that encourages charitable donations of individual-retirement-account assets. Many expect Congress to revive it retroactively for 2014.

In Search of Common Ground on Tax Overhaul

Sen. Rob Portman and Rep. Chris Van Hollen say compromise is possible. Maybe.

Why You Need to Sell Those Losing Stocks

Why do people hang on to losing investments? In truth, the real loss is in not selling.

Estate-Planning Essentials for Single People

It’s important to create, at a minimum, a will and/or a revocable living trust stating specifically how you want your assets to be distributed after you die and naming an executor and/or trustee to carry out your wishes.

Giving the Gift of Money

Financial gifts to loved ones can provide lasting value—and save you cash.

The Poster Boy for U.S. Expat Tax Woes

London Mayor Boris Johnson, who holds dual U.S./U.K. citizenship, says he won’t pay certain taxes the U.S. is seeking.