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Author Archive | James B. Reynolds

Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or others in 2021, it’s important to determine whether you’re required to file a gift tax return by April 18 (Oct. 17 if you file for an extension). The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. Generally, you’ll […]

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The Ins and Outs of IRAs

Traditional and Roth IRAs can help you save for retirement on a tax-favored basis. Contributions to a traditional IRA reduce your current tax bill, if you’re eligible, and earnings are tax-deferred. However, withdrawals are taxed in full (plus a 10% penalty if taken before age 59½, unless an exception applies). Roth IRA contributions aren’t deductible. […]

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How will Revised Tax Limits Affect Your 2022 Taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. It’s a good idea to familiarize yourself with tax amounts that have changed for this year. For example, the amount […]

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Are you eligible for a medical expense tax deduction?

You may pay out a bundle in out-of-pocket medical costs. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be deducted only to the extent unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if you itemize, which means that your […]

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Commission fraud: When salespeople get paid more than they’ve earned

Many employees receive part of their compensation from sales-related commissions. Unfortunately, some of these workers occasionally may be tempted to abuse the commission system by falsifying sales or rates. Generally, this takes one of three forms: 1) invented sales, 2) overstated sales and 3) manipulated commission rates. This last scheme often involves the collusion of […]

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