Bill Zumwalt's (teamzumwalt) Blog

There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The IRS requires that a minimum rate of interest be charged on loans....

Flexible spending accounts (FSAs) allow taxpayers to set aside pre-tax dollars to pay for out-of-pocket medical expenses. The drawback has been the fact that unused amounts each year are forfeited. Plans could provide a 2½ month grace period to use up unspent set-asides. Now a change announced by...

IRS will open the 2014 filing season on January 31, a 10-day delay due to the October government shutdown. 401(k) maximum salary deferral for 2014 is $17,500 ($23,000 for those 50 or older). SIMPLE maximum salary deferral for 2014 is $12,000 ($14,500 for those 50 or older). IRA contribution limit...

On September 1, 1914, "Martha," the last remaining passenger pigeon (ectopistes migratorius), died at the Cincinnati Zoo. On September 7, 1936, "Benjamin," the last Tasmanian tiger (thylacinus cynocephalus), died at Australia's Hobart Zoo. And on June 24, 2012, "Lonesome George," the last living ...

As you review your filing requirements for 2013, make sure you don't overlook the so-called "nanny tax." If you have a household employee, you could be liable to pay state and federal payroll taxes. First, you must determine whether you have a household employee. Generally, this is someone you hi...

The Affordable Care Act, the health care reform legislation passed in 2010, originally mandated health insurance coverage for everyone starting January 1, 2014. But the law’s complexity soon made it evident that the requirements would have to be revised. The first change was the one-year delay in...

As I have mentioned throughout the last couple of years one of the best methods to be able to prove, without a shadow of doubt, your total business mileage is to have your oil changed at the beginning of each year. You then have documentary proof of your odometer reading and can thus prove the to...

More tips for you to consider; IRS sets the standard mileage rate for business driving at 56 cents a mile for 2014. The mileage rate for 2014 driving for medical or moving reasons is set at 23.5 cents a mile. The mileage rate for charitable driving in 2014 remains at 14 cents a mile. Section 179 ...

I have a bunch of short tips to share with you.  Some will apply to you others won't, hope this helps! January 15 is the due date for the fourth and final installment of 2013 estimated taxes for individuals. Individuals need not make the January 15 quarterly estimate for 2013 if they file their 2...

They say that knowledge is power, and that's especially true with taxes. So here's a quick quiz to test your tax knowledge in 2014. But look out — the questions (and the answers) might not be what you expect!: We'll start with an easy one. Last year's "fiscal cliff" legislation raised the top mar...