McCullough & Associates Blog

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…

Mar 07, 2014

Daylight Savings Time

Daylight Savings - Spring

The days are about to get longer! Daylight Savings Time will begin on Sunday, March 9th at 2:00am. At that moment, clocks will “spring forward” by one hour in most of the nation.

So, be sure to reset your clock on March 9th, especially…

Feb 26, 2014

Beware of Fake IRS Scams

Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real.

Scammers often send an email or call to lure victims to give up their personal and financial information.  The crooks then use this information to commit identity theft or steal your money. 

The IRS will…