The Greenhornet Blog- January 2014

Raymond D. Nations, EA, has been preparing taxes for over 30 years and is widely known as a brilliant tax resource throughout the Liberty Tax Service offices in Virginia.  Ray’s written work about tax planning has been published throughout newspapers the Hampton Roads area. 

Recent Posts

Your Charitable Donations Help Your Community and You!-

As we approach the twilight of another year, it is most appropriate to consider increasing charitable donations to your favorite non-profit, church, or synagogue.

You can use your Required Minimum Distribution (RMD) to make a charitable contribution.  Contact the custodian who holds your IRA/401K monies (generally this will be a bank, or brokerage) and ask them to do the paperwork on this.  You'll need to get the Employer's Identification Number (EIN) from the charity and give that to your banker or broker.  If this transaction is done by transferring from the institution to the church/non-profit, then you will not have to declare this money as income for 2013.  Remember, you must not take the money out yourself and "touch" it - then, it would be income to you!  (By the way, this tax benefit is slated to expire on 12/31/2013, so don't count on it continuing for 2014!)

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 12/24/2013 06:05:00 AM

End-Of-Year Tax Moves to Save You Money

Due to the Affordable Care Act, there are some 20 new taxes that may affect you. Therefore, if you are a high-earner (over $200K if single or head of household or qualifying widow, $250K if married filing jointly, and $125K if married filing separately), you may owe additional Medicare taxes on your 2013 income.  The additional taxes would be .9% on your wages and self-employment income that exceeds the above limits. 

Posted To: The Greenhornet Blog
By: The Greenhornet Blog on 12/23/2013 03:05:00 PM

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