McCullough & Associates Blog


Feb 23, 2015

Fundraising Event for Officer Aaron Pearson

Officer Aaron Pearson of the Springfield Police Department was shot in the head in the line of duty on January 26th.  We have received information about a community wide event  to support Officer Pearson and the Springfield Police Department. We wanted to share that information with you in case you wanted to be a part of this community event.


Fundraising Event…

Feb 18, 2015

Protecting Yourself from Fake Charities

Every year the IRS releases a list of their "Dirty Dozen" tax scams.  Fake charities almost always makes the list as it did again for 2015.  When making a donation, taxpayers should take a few minutes to ensure their hard-earned money goes to a legitimate and currently eligible charity.

Here are some basic tips when making a charitable donation:

  • Be wary of charities…

Feb 10, 2015

IRA and Retirement Plan Reminders

If you worked and received wages in 2014, review the 2014 IRA contribution and deduction limits below to make sure you are taking full advantage of the opportunity to save for your retirement.  

You can make 2014 IRA contributions until April 15, 2015.

 

For 2014, your…

Feb 03, 2015

2015 Standard Mileage Rates

The Internal Revenue Service has issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

  • 57.5 cents per mile for business…

Jan 27, 2015

Affordable Care Act Basics

The Affordable Care Act requires that a taxpayer and each member of their family either has qualifying health insurance coverage for each month of the year, qualifies for an exemption, or makes an individual shared responsibility payment when filing their federal income tax return. Some moderate-income taxpayers may also qualify for financial assistance to help cover the cost of health insurance…

Dec 18, 2014

Tax Extenders for 2014

Late in the day on December 16, 2014 the U.S. Senate passed a $42 billion package of tax incentives, reviving dozens of lapsed breaks for 2014. These provisions are retroactively reinstated to 1-1-2014.  The bill now goes to the White House where President Obama is expected to sign it.

What's not clear yet is whether passage of the tax extenders bill so…

Dec 18, 2014

Winter 2014 Newsletter

Be sure to check out our Winter 2014 newsletter.  
This issue includes articles on the following topics:

  • Tax Efficient Portfolio Investments
  • Social Security Benefit Increase for 2015
  • 2015 Retirement Contribution Limits
  • Required Minimum Distributions
  • Health…

Oct 27, 2014

Fall 2014 Newsletter

Be sure to check out our Fall 2014 newsletter.  
This issue includes articles on the following topics:

  • Tax Changes Affecting Individuals & Households
  • Possible FUTA Tax Increase
  • Will Your Social Security Be Taxed
  • Estate Planning Documents
  • Long-Term…

Oct 24, 2014

Social Security Announces 1.7 Percent Benefit Increase for 2015

Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 64 million Americans will increase 1.7 percent in 2015, the Social Security Administration announced today.

Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $118,500 from $117,000. Of the estimated…

May 02, 2014

Spring 2014 Newsletter

Be sure to check out our Spring 2014 newsletter.  
This issue includes articles on the following topics:

  • Tax Changes Related to Health Care Reform
  • Outsourcing Payroll
  • Records…