Individual Tax

/Individual Tax

Deadline for Social Security “File and Suspend”

By |March 25th, 2016|Individual Tax, News & Events, Social Security|

The Bipartisan Budget Act of 2015 ended two popular Social Security retirement benefit claiming strategies, “File-and-Suspend” and “Restricted Application.”  Many married couples use the file-and-suspend strategy by having the higher wage earner file for benefits and then immediately suspend them so that the lower earning spouse can claim spousal benefits while letting their own Social [...]

Tax Benefit for Individuals with Disabilities

By |February 25th, 2016|Accounting & Auditing, Estate & Trust, Individual Tax, News & Events|

By: Fernanda Luiken, CPA Fernanda is a Senior Accountant and a member of the JMF Tax and Audit Departments. Fernanda prepares corporate, partnership and individual tax returns and also works on business, not-for-profit and governmental audits. The Stephen Beck Jr. Achieving a Better Life Experience act (ABLE) was enacted on December 19, 2014 as part [...]

IRS Issues 2016 Standard Mileage Rates

By |February 22nd, 2016|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses. The new rates, which have decreased or stayed the same, are as follows: For business driving, the rate is 54 cents per business mile (it was 57.5 cents in 2015). For medical and moving expenses, the [...]

Fighting Identity Theft: Alabama Department of Revenue Employs New Measures

By |February 2nd, 2016|Individual Tax, News & Events, SALT|

By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group.  With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]

Get Organized for Tax Time

By |February 1st, 2016|Individual Tax, News & Events, Press Releases|

1) Set up a file (or box) for your 2015 taxes. Put a label on it and drop in your Form W-2 and 1099s as they come in the mail. 2) Open the envelope with your JMF organizer. Please use the organizer as a guide to make sure you have everything that you had last [...]

Three ACA Provisions Put on Hold

By |January 31st, 2016|Corporate & Partnership Tax, Individual Tax|

The PATH Act includes three significant changes affecting provisions in the Affordable Care Act (ACA). The tax on high-cost Cadillac health insurance plans is delayed for two years, from 2018 to 2020. The 2.3% excise tax paid by manufacturers of medical devices is halted for 2016 and 2017. There’s a moratorium for one year—until 2017—on [...]

Understanding the Protecting Americans from Tax Hikes (PATH) Act of 2015

By |December 18th, 2015|Corporate & Partnership Tax, Individual Tax, News & Events|

By: Rachel Taylor, CGMA, CPA, Tax Manager Rachel is a member of the JMF Tax Department. With more than seven years of experience in public accounting, she assists clients with corporate, partnership, and individual income tax return reporting as well as complex issues regarding multiple state filing and other state tax issues. Late on Tuesday, December [...]

Let Us Help You Tax Plan Before Year – End

By |December 8th, 2015|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

As we begin to wrap up 2015, tax season is right around the corner. We have created this letter to assist you with certain items you should consider such as estimating your income for 2015 to funding your retirement plan. Click here to download and read your 2015 Year - End Tax Planning Letter Topics [...]

Updates on Alabama Accountability Act

By |July 21st, 2015|Corporate & Partnership Tax, Individual Tax, SALT|

Happening now: Contributions for the 2014 tax year can still be made up to the extended due date of the tax return, October 15, 2015, or until the designated limit is reached, whichever comes first. You’re not out of luck if you have already filed. You can amend to take the credit as long as [...]

Everything U.S. Expats Need to Know About IRS Tax Forms (But Were Afraid to Ask)

By |March 16th, 2015|Individual Tax, International, News & Events|

As an American living overseas, each year you have to gather the information required to file a U.S. return.  Unlike your compatriots, residing across the pond comes with its own process: complicated and with more risk and penalties.  The following article sheds light on the expat, tax forms you will need in order to file your return. This is the [...]