What to do with your old retirement plan when you change jobs

Posted on Leave a commentPosted in albuquerque CPA , TAX advice, Personal consulting

First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be taxable and, if you’re under age 59½, subject to a 10% early-withdrawal penalty. Here are three alternatives: 1. Stay put. You may be able to leave your money in your old plan. But if you’ll be participating […]

HEARTBLEED BUG

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The “Heartbleed” bug has sent businesses and individuals into attack mode in order to prevent passwords from being disclosed, personal information from being compromised — and ultimately, assets from being stolen. The IRS issued the following statement about Heartbleed: “The IRS continues to accept tax returns as normal. Our systems continue operating and are not affected by this […]

Your 2013 return may be your last chance for 2 depreciation-related breaks

Posted on Leave a commentPosted in albuquerque CPA , TAX advice

  If you purchased qualifying assets by Dec. 31, 2013, you may be able to take advantage of these depreciation-related breaks on your 2013 tax return: 1. Bonus depreciation. This additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify are new tangible property with a recovery period of 20 years or less […]

Substantiating Contributions for 2013

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To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services. “Contemporaneous” means the earlier […]