by KNSS | Nov 17, 2015 | 2015 Year End Newsletter
The IRS has warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the...
by KNSS | Nov 17, 2015 | 2015 Year End Newsletter
According to the IRS, to be deductible, an expenditure must be both ?ordinary? and ?necessary? in connection with your profession.? The IRS defines ?ordinary? as common and accepted in a particular profession and ?necessary? as helpful and appropriate for a particular...
by KNSS | Nov 17, 2015 | 2015 Year End Newsletter
On October 21st, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2016.? Unfortunately, the bulk of the?retirement savings limits will not increase from 2015. No Increases for 2016 Most working professionals...
by KNSS | Nov 17, 2015 | 2015 Year End Newsletter
Now is a great time to begin planning to take full advantage of your employer?s flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees...
by KNSS | Nov 17, 2015 | 2015 Year End Newsletter
Even if you’re covered under a retirement plan at work, you and your spouse can each contribute up to $5,500 into a traditional IRA or Roth IRA for 2015 and 2016, as long as your combined wages and net self-employment income exceeds the total amount contributed....
by KNSS | Nov 17, 2015 | 2015 Year End Newsletter
It’s not too late to cut your 2015 tax bill.? Prior to Dec. 31st: Increase your 401(k) and 403(b) contributions if you haven’t been contributing at the maximum rate all year. This year you can put away up to $18,000 ($20,000 if 50 or older) into your...
