The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014). If you haven’t already maxed out your 2014 limit, … Continue reading
Generally, you’ll need to file a gift tax return for 2014 if, during the tax year, you made gifts: That exceeded the $14,000-per-recipient gift tax annual exclusion (other than to your U.S. citizen spouse), That you wish to split with your spouse … Continue reading
Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the … Continue reading
In last month’s blog, we discussed upcoming tax legislation in the international tax area. This month’s edition focuses on the same topic in the U.S. tax area. Below are what we see as the major legislative themes for 2015 in the U.S. … Continue reading
Tax Bite: Should you forgo a personal exemption so your child can take the American Opportunity credit?
If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted gross income phaseout range of $80,000–$90,000; $160,000–$180,000 for joint filers), but your … Continue reading