Bernstein Tax Group

Roth IRA Rules & Married Filing Jointly vs Separately

Reacquainting Yourself With The Roth IRA If you’ve looked into retirement planning, you’ve probably heard about the Roth IRA. Maybe in the past you decided against one of these arrangements, or perhaps you just decided to sleep on it. Whatever the case may be, now’s a good time to reacquaint yourself with the Roth IRA and its potential benefits, because …

Bernstein Tax Group

Preventing Tax-related Identity Theft & Simplifying Your Financial Life

How You Can Help Prevent Tax-related Identity Theft Tax-related fraud isn’t a new crime, but tax preparation software, e-filing and increased availability of personal data have made tax-related identity theft increasingly easy to perpetrate. The IRS is taking steps to reduce such fraud, but taxpayers must play their part, too. How they do it Criminals perpetrate tax identity theft by …

Bernstein Tax Group

Capital Gains and Losses & Earn 5% or More on Liquid Assets

What You Should Know About Capital Gains and Losses When you sell a capital asset, the sale results in a capital gain or loss. A capital asset includes most property you own for personal use (such as your home or car) or own as an investment (such as stocks and bonds). Here are some facts that you should know about …

Bernstein Tax Group

Why Your Health Insurance Company May Ask for Your Social Security Number & How Working Impacts Social Security Benefits

Why your health insurance company may ask for your Social Security Number Your health insurance company may request that you provide the Social Security Numbers (SSNs) for you, your spouse, and your children covered by your policy. This is because the Affordable Care Act requires every provider of minimum essential coverage to report that coverage by filing an information return …

Year-End Tax Planning & Shared Equity Financing Arrangements

Time to Start Year-End Tax Planning The federal income tax rates for 2015 are the same as last year: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. However, the rate bracket beginning and ending points are increased slightly to account for inflation. For 2015, the maximum 39.6% bracket affects singles with taxable income above $413,200, married joint-filing couples with income …

Bernstein Tax Group

Planning to Avoid or Minimize the 3.8% Net Investment Income Tax

The net investment income tax, or NIIT, is a 3.8% surtax on investment income collected from higher-income individuals. It first took effect in 2013. After filing your 2014 return, you may have been hit with this extra tax for two years, and you may now be ready to get proactive by taking some steps to stop, or at least slow, …

Bernstein Tax Group

Tax Planning and Organizing & Combined Business and Vacation Travel

Summer time is a good time to start planning and organizing your taxes You may be tempted to forget all about your taxes once you’ve filed your tax return, but that’s not a good idea. If you start your tax planning now, you may avoid a tax surprise when you file next year. Also, now is a good time to …

Bernstein Tax Group

Identity Verification Letters & Donating a Life Insurance Policy

What you should do with an identity verification letter from the IRS In its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer’s name and/or Social Security number, and sending out Letter 5071C to request that the taxpayer verify his or her identity. Letter 5071C …