WELCOME TO THE
Click
on a Light
For Today's
Tax Tips
Please Make A Selection
-
- Be Careful When Rolling Over an IRA
-
- The Tax Court has held that cash distributions from IRA and Keogh accounts must be
recontributed in cash to an IRA for a 60-day rollover to be tax-free. The distributions
are taxable if they are used to buy stock or other investments which is then deposited
into an IRA.
-
-
- Adjust Your Withholding Now!
-
- Many of the tax law changes brought about by the Taxpayer Relief Act of 1997 became
effective on January 1, 1998. Although these revisions will not have any affect on a
taxpayer's 1997 tax return, anyone who qualifies for one or more of these new tax laws may
be able to obtain an immediate benefit. Among the laws offering new benefits are the child
tax credit, the Hope and Lifetime Learning Credit (mid year 1998) as well as several
retirement-savings changes.
- Employees should review their W-4 to determine if adjustments to their federal and state
tax withholdings are warranted. Keep in mind that if you qualify for one or more of these
benefits and do not adjust your withholdings, you are giving the government an
interest-free loan throughout the year.
- Courtesy of the Wall Street Journal
Coming Soon - Preview of
1998 Form 1040
Maxwell
Shmerler & Co., CPAs
Tax Planning and Preparation
Let Us Do Your 1997 Taxes
(914) 681-0400
Tax@msco-cpa.com