Posts Categorized: Newsletter

Sally Lindberg & Associates July2019 Newsletter

Tax Benefit for the Disabled The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities (designated beneficiaries). To establish an ABLE account, the beneficiary must be blind or disabled by age 26. The owner of the ABLE account is the beneficiary, and he… Read more

Sally Lindberg & Associates June 2019 Newsletter

Mid-year Checkup As you reviewed your tax return this year, were you surprised by the results? Many people were shocked by their balance due. So many, in fact, that the IRS implemented some penalty relief. Two things affect your balance due or refund: withholding and estimated taxes. The IRS develops withholding tables to assist your… Read more

Sally Lindberg & Associates February 2019 Newsletter

Retirement Distributions Retirement distributions are made for a variety of reasons. Depending on the facts, the result can be anywhere from a tax-free distribution to inclusion in income and additional penalties. How can you determine the likely result? Social security benefits are either non-taxable or partially taxable. Depending on filing status and adjusted gross income,… Read more

Sally Lindberg & Associates January 2019 Newsletter

Due Diligence You may notice that your tax preparer is asking you a lot of additional questions this year. Why is that? The IRS identified several areas of concern for fraud and identity theft. A few years ago, they started requiring tax professionals to complete formalized due diligence for taxpayers who took the earned income… Read more

Sally Lindberg & Associates December 2018 Newsletter

Charitable Planning In 2017, Americans donated over $410 billion to charity. As 2018 closes, you may be considering your charitable giving. You can deduct charitable gifts of cash and property, plus deduct your charitable mileage (14¢ per mile). To be deductible, the contributions must go to a qualified organization. Contributions to individuals are never deductible…. Read more

Sally Lindberg & Associates July 2018 Newsletter

Important Tax Dates & Information Sept. 17, 2018 – Third-quarter estimated tax payments due Sept. 17, 2018 – Extended partnership and S corporation tax returns due Oct. 15, 2018 – Extended individual and C corporation tax returns due Tax Notes If you own a pass-through entity such as a partnership, S corporation, LLC or sole… Read more