Daniel S. Williams
Tax Newsletter
Lump-Sum Distributions
 
If you receive a lump-sum distribution from a qualified retirement plan, you may be able to elect an optional method of calculating the tax on that distribution based on favorable rates. The special tax treatment is only available for employees born before 1936. An eligible plan participate is entitled to elect these optional methods only once after 1986.More...
 
Veterans' Organizations Exempt under IRC 501c19
 
Prior to the enactment of Internal Revenue Code Section 501(c)(19) in 1972, war veterans' organizations were grouped together with all other veterans' organizations and recognized as tax-exempt under the social welfare and social club sections of the Code. Under the original version of the statute, an organization formed under Section 501(c)(19) could carry on programs involving Americanism, youth activities, community activities, and educational programs on issues of national security and foreign affairs. In addition, veterans' organizations could receive exempt income by providing certain insurance benefits for members or their dependents. More...
 
Filing Tips
 
When you are ready to file your tax return, the Internal Revenue Service suggests that you take an extra few minutes to double check certain items to prevent mistakes that could cost you penalties and interest or delay your refund.More...
 
Home Mortgage Interest
 
Most of us cannot afford to write a check for the full cost of a home. We usually go to a bank or another lender for a loan, which is called a mortgage, and we make monthly payments consisting of both principal and interest. Usually, you are entitled to deduct the entire portion of the yearly payments that is interest if you itemize deductions. If it is more advantageous for you to take a standard deduction, you will not get any additional benefit from the mortgage interest paid during the year.More...
 
Job Search Expenses
 
If you are looking for a job, you may be entitled to a deduction for the costs of your search. However, you will only be able to take advantage of this tax benefit if you chose to itemize instead of taking a standard deduction. The deduction allowed would be the amount by which your job search expenses plus other miscellaneous deductions exceeds two percent of your adjusted gross income.More...
 
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