2015 Mid Year Newsletter

IRS Issues Guidelines for State-Sponsored “ABLE” Accounts for People with Disabilities

From IRS News: Issue IR-2015-91 The Internal Revenue Service released proposed regulations implementing a new federal law authorizing states to offer specially-designed tax-favored ABLE accounts to people with disabilities who became disabled before age 26. The Achieving a Better Life Experience (ABLE) account provision was signed into law in December 2014. Recognizing the special financial burdens faced… Continue reading IRS Issues Guidelines for State-Sponsored “ABLE” Accounts for People with Disabilities

2015 Mid Year Newsletter

Summer Job Alert: Working Child’s Taxes

One thing we continually notice is that most kids who work are incorrectly having federal and state income taxes withheld from their wages. Please note that a working child will generally owe no federal income taxes unless wages earned exceed $6,300 (in 2015) and/or investment income exceeds $350. Most of the kids are getting back… Continue reading Summer Job Alert: Working Child’s Taxes