Fountainhead Tax moved.

We will keep you posted and let you know as we see new tax issues developing.

IRS tells us that we are going to live a little longer--or at least the RMD tables say that.

In newly released proposed regulations, IRS updated life expectancy tables, last updated in 2002, used for calculating required minimum distributions (RMD) from qualified retirement plans, IRAs and annuities.

Thanks Charleston for voting Fountainhead Tax the Winner of Charleston's Choice Tax Preparation Company for 2017 in the poll conducted by The Post & Courier.

Even with the accolades, nothing has changed in the way we work to help our clients.

IRS Clarifies Application of One-Per-Year Limit on IRA Rollovers, Allows Owners of Multiple IRAs a Fresh Start in 2015

The Internal Revenue Service issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs.

IRS announced a simplified safe harbor method for claiming the home office deduction for tax years beginning on or after January 1, 2013. Under the safe harbor, taxpayers determine the amount of deductible expenses for qualified business use of the home for the tax year by multiplying the allowable square footage by the prescribed rate. The allowable square footage cannot exceed 300 square feet and the prescribed rate is $5.00, which provides a maximum deduction under the safe harbor of $1,500. The IRS indicated it may revisit the prescribed rate amount in the future.

Taxpayers age 70 ½ and older can make a tax-free distribution from individual retirement accounts to a charity. The maximum distribution is $100,000. Individuals taking this option cannot claim a deduction for the charitable gift.

If you are a volunteer worker for a charity, you should be aware that your generosity may entitle you to some tax breaks.

Although no tax deduction is allowed for the value of services you perform for a charitable organization, some deductions are permitted for out-of-pocket costs you incur while performing the services (subject to the deduction limit that generally applies to charitable contributions). This includes items such as:

What is expected to substantiate the deduction for using a vehicle for work? Whether it is a claim for actual expense incurred or the standard mileage rate, the IRS requires substantiation of the use. This is a good time to review

How to substantiate business/investment use of a vehicle --

Deductions for the business/investment use of vehicles (including both cars and trucks) are not allowed unless the usage is substantiated with an adequate record of the following elements:

1) The date, mileage and business or investment purpose of each trip;

New Deductions and Credits for South Carolina Taxpayers

South Carolina offers deductions and credits for those whose home insurance premiums are "excessive." In a nutshell, these deductions and credits include the following: