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Want to Cut Your Taxes? There’s Still Time to Contribute to an IRA for 2014
Taxpayers still have time to decrease their 2014 taxes by contributing to an IRA. In most cases, doing so can help them qualify for a deduction or even a tax credit.
Taxpayers still have time to decrease their 2014 taxes by contributing to an IRA. In most cases, doing so can help them qualify for a deduction or even a tax credit.
The AICPA has submitted a letter on March 19 to the Internal Revenue Service (IRS) and the Department of the Treasury recommending relief for surviving spouses who would like to elect portability of their deceased spouse’s unused estate tax exemption.
Special tax rules apply to military members on active duty and in the reserves, particularly those serving in combat zones. These can help lower federal taxes and make it easier to file tax returns.
The April 1 deadline applies to owners of traditional IRAs but not Roth IRAs. Normally, it also applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457 plans.
First, to claim a charitable contribution deduction, donors must get a written acknowledgement from the charity for all contributions of $250 or more. This includes gifts of both cash and property.
For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.
The Internal Revenue Service is reminding taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website, idverify.irs.gov, offers the fastest, easiest way to complete the task.
With a month until the April 15 deadline when millions of Americans and small businesses must file their 2014 tax returns, the National Association for the Self-Employed (NASE), has released a list of changes and updates to the tax code along with ...