Kevin Roberts, CPA | Roberts CPA Group | Tax - Wealth Management - Virtual CFO - Accounting - Payroll | 502-426-0000

       

 

New Testimonial Audio Hotline

 

Kevin Roberts, CPA

Roberts CPA Group

 

Call our Testimonial Hotline & give us your feedback at:

 

800-609-9006 extension 9078

Here's an Example:

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Other Articles by Kevin Roberts CPA

Click here to review


 

- The Starting Point for Tax Planning

 

- 6 Steps to Estate Planning Done Right

 

- A Billionaire's 4 Keys to Success

 

- Useful Financial Benchmarks for Mid-Life

- Confronting The Lies That Threaten Our Financial Stability

 

- Top 5 Ways to Confront Worries

- Self-Protection Through Knowing How Long To Keep Tax Records
 

- Identity Thieves Want YOUR Tax Return
 

- The Power of Specialized Knowledge
 

- Take A Test Drive Of Your Retirement Plans

 



 

 

 

 

 

New Law Renews IRA Transfers to Charity for 2014 + Understanding the Health Care Law


 

The Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax free distributions to charity.

 

The extension applies for the 2014 tax year. This means if the law applies to you, the deadline to complete your transactions is Dec. 31. Here are some key points about the extension:

If you are an IRA owner age 70½ or older you have until Dec. 31 to make a qualified charitable distribution, or QCD.

A QCD is direct transfer of part or all of your IRA distributions to an eligible charity. You may transfer up to $100,000 per year.

You may exclude the distributed amounts from your income. You can claim this benefit regardless of whether you itemize your deductions. If you do exclude the QCD from your income, you can’t also deduct it as a charitable contribution on Schedule A if you do itemize.

You can count your QCDs in determining whether you meet the IRA’s required minimum distribution.

The provision had expired at the end of 2013. The new law is retroactive for 2014. This means any eligible QCD in 2014 will qualify.

Not all charities are eligible. For example, donor-advised funds and supporting organizations are not eligible recipients.

If you found this Tax Tip helpful, please share it through your social media platforms. A great way to get tax information is to use IRS Social Media. You can also subscribe to IRS Tax Tips or any of our e-news subscriptions.

 

Source:  IRS Special Edition Tax Tip 2014-26
 

  Last May I hosted a live webinar on Social Security Strategies and Secrets you should understand and use as you contribute and eventually take distributions from this program.  If you are interested in watching the VIDEO REPLAY you can click here.  Kevin
 


 


 

  New IRS Publication Helps You Understand
                      the Health Care Law


There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca.

While the health care law has several parts, this publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015.

This new publication provides important information for taxpayers who:

 - Had health insurance coverage for the entire year
 - Did not have health coverage for each month of the year
 - Purchased health insurance from the Marketplace
 - Might be eligible for an exemption from the coverage requirement
 - Had advance payments of the premium tax credit sent to their insurance provider
 - Is claiming the premium tax credit on their tax return

The publication includes a glossary that will help you understand new terms related to ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.

Most people have qualifying health coverage, and all they will need to do is simply check a box on their tax return. You can access Publication 5187 at IRS.gov/aca, along with other important information related to the health care law.

You can also find it by typing "p5187" into the search window at the top of any IRS.gov page or "5187" in the Forms and Pubs search window on IRS.gov.
 

If you have comments or questions on the information in these articles, as usual feel free to call our offices at 502-426-0000.

Source: HCTT-2014-23

 


 

 

Please Would You Give Us Your Feedback & a Testimonial on Our Hotline at 800-609-9006 ext. 9078

 

Hey it’s Kevin Roberts and I wanted to ask you a favor.  We’ve just installed a toll-free number that I would like for you to call and tell me how you think we are doing as your CPA firm.

 

Just dial 800-609-9006 ext. 9078 and follow the instructions, it only takes 1 minute.  If we’ve done a good job please let me know.

 

And if we can improve on anything, please mention that too. Thanks!  Kevin

 


 

Remember you can call our offices if you have any questions about these or any other bookkeeping, accounting, tax, financial planning or insurance related issues, at 502-426-0000. 

 

Regards, Kevin Roberts, CPA

President, Roberts CPA Group

 

 

 

 

Kevin Roberts, CPA | Roberts CPA Group | 201b Townepark Circle
Louisville, KY 40243 | 502-426-0000 | Fax: 502-805-0408
La Grange office: 209 S 1st Street | La Grange, KY 40031
502-222-7260 | www.louisville-tax.com