On December 18th, the Senate passed the PATH Act and made it official law. Many popular tax breaks were set to expire on 12/31/2014 unless extended. Most of them are now extended and some have been extended permanently. What does this mean for you? And should you do anything before 12/31/15 to take advantage of these new current extender laws? Read more
This year, in the holiday spirit, LMGW will be making charitable donations in lieu of mailing holiday cards. We allow our employees to choose the charitable organizations to make a donation to. LMGW then matches the employee’s donation, up to $50 per person, to each charity. Below are the charities our employees chose:
If you are not familiar with any of the organizations listed feel free to ask us about them. Several members of the LMGW team are personally involved with the charities and would be happy to tell you about them!
The myRA program, which launched nationwide in November, is intended for taxpayers with taxable income who lack access to retirement savings plan at work.
The program was developed in response to the finding that millions of Americans lack adequate retirement savings–many because their employers do not offer a retirement savings plan at work. Read more
Taxpayers born before July 1, 1945, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year, in this case, 2015. The required distribution rules apply to owners of traditional, Simplified Employee Pension (SEP) and Savings Incentive Match Plans for Employees (SIMPLE) IRAs but not Roth IRAs while the original owner is alive. They also apply to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans. Read more
If you’re thinking about making a charitable donation during the holiday season this year and want to claim a tax deduction for your gifts, you must itemize your deductions. This is just one of several tax rules that you should know about before you give. Here’s what else you need to know: Read more