Beginning this month, you can sign up for a new 2016 health insurance policy on the health insurance Marketplace. You can also change or renew the policy you purchased during the last enrollment period. Even if your current policy has an automatic renewal feature, you’ll want to verify that you are still eligible for the federal premium tax credit.
Next year, you’ll get a few extra days to file your 2015 income tax return. The District of Columbia will be observing Emancipation Day on Friday, April 15, 2016, the usual filing deadline. That moves the filing deadline for 2015 federal income tax returns to Monday, April 18. Residents of Massachusetts and Maine get one more day to file – to Tuesday, April 19 – due to Patriots’ Day.
In some industries, service has become a quaint memory. Customers are often reduced to selecting the provider that costs or annoys them the least. But the golden rule has not been repealed. Pleasing your customers can create a powerful competitive advantage – and a few simple changes may increase your bottom line. For example, businesses are among the worst offenders of time-wasting annoyances such as long waits on hold. To distinguish your firm from the rest,
Would you like to give your child a head start on smart money habits? Here’s a suggestion: Have the child invest in a Roth IRA. Why? The tax-free compounding of contributions and investment returns over your child’s lifetime is a great wealth-builder. Here’s what you need to know.
Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total you’ve paid in for 2015 through withholding and/or estimated taxes. If you’ve underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include the payroll taxes you’ll owe for them. Remember to include the 3.8% tax on net investment income in your planning too.
October 1 – Generally the deadline for businesses to adopt a SIMPLE retirement plan for 2015. October 15 – Filing deadline for 2014 individual tax returns on automatic six-month extension of the April 15 deadline. October 15 – If you converted a regular IRA to a Roth in 2014 and now want to switch back to a regular IRA, you have until October 15, 2015, to do so without penalty.
Are you familiar with the charges imposed by the mutual funds you own? Since fund expenses affect your investment return, understanding the costs is an important step in making sound investment decisions. Here are some common charges you’ll want to know about before you invest. Load. A load is a sales charge imposed by the fund. You might think of it as similar to the fee you pay a broker to purchase a stock. Mutual funds
The fourth quarter is often make-or-break time in sports. Likewise, tax-cutting steps you take in the last three months of the year can transform a financial plan into a bona fide winner. Late-year tax planning is often a matter of reviewing your inflows and outflows. For instance, income from capital gains can be subject to both capital gains tax and the 3.8% Medicare surtax. To offset capital gains, you might sell investments that have lost value
It turns out you can go back after all – at least when it comes to last year’s decision to convert your traditional IRA to a Roth. The question is, do you want to? You might, if your circumstances have changed. For example, say the value of the assets in your new Roth account is currently less than when you made the conversion. Changing your mind could save tax dollars. Recharacterizing your Roth conversion lets you
September 15 – Third quarter installment of 2015 individual estimated income tax is due. September 15 – Filing deadline for 2014 tax returns for calendar-year corporations that received an automatic extension of the March 16 filing deadline. September 15 – Filing deadline for 2014 partnership tax returns that received an extension of the April 15 filing deadline. October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2015. October 15 –
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