Founder and CEO of Auer Tax Group, author and Premier Tax Expert, David Auer, reminds taxpayers of three often overlooked instances that must be reported on tax returns.
Tulsa, Oklahoma – January 28, 2016 – David Auer, recognized Premier Tax Expert and Founder/CEO of Auer Tax Group posted a new blog on the company website entitled “Consider Children, IRA/Roth Contributions and Gift Tax Returns.”
Auer writes, “Here we are at the start of the 2015 tax season with a little time to catch our breath after the dizzying comings and goings of the holiday season.” He continues adding, “While you are taking a few moments before gearing up for the frenzy of tax time, take a few moments to consider the following areas that often get overlooked at tax time to determine whether any may apply to you.”
Addressing the topic of whether a child needs to file a return, Auer states, “They’ll need to file if wages exceeded $6,300, self-employment income was over $400, or investment income exceeded $1,050.” In addition he writes, “When income includes both wages and investment income, other thresholds apply.”
On the topic of contributing to a Roth or IRA, Roth says, “Since you have until April 18 to make a 2015 contribution (April 19 if you live in Maine or Massachusetts), you can schedule an amount to set aside from each paycheck for the next few months.”
Regarding a gift tax, according to Auer, “You may need to file a return if you gave gifts totaling more than $14,000 to someone other than your spouse.”
The entire blog can be read http://www.premiertaxexpert.com/consider-children-iraroth-contributions-and-gift-tax-returns/
About David Auer
With over 30 years of experience, David Auer is the Founder and CEO of Auer Tax Group, a national tax consulting firm, Blue Ocean Strategies, a business strategic planning group, and The Advanced Planning Group, a collaboration of multidisciplinary advisors focused on tax, estate, asset protection, and business succession strategies for successful business owners, professionals, and high net worth families. He is also a founding member of Financial Gravity Law, a division of Financial Gravity®.
David is a frequent speaker, is recognized as one of America’s Premier Experts®, is on the adjunct faculty of Asset Protection Corporation founded by internationally acclaimed asset protection attorney Robert Lambert, LLM in Taxation, Esq., and is the author or co-author of several books, including 57 Ways to Grow Your Business – Bright Ideas for Serious Entrepreneurs; “You Can Deduct THAT?”; Ignite Your Life with Brian Tracy; and Performance 360 Special Edition with Richard Branson.