The Earned Income Tax Credit (EITC) – Are you Eligible? The Earned Income Credit (EITC) is one of the most common ways Americans reduce their tax bill. Yet per the IRS, 1 out of 5 people who could qualify for the credit do not file for it. Here are answers to some common questions. The Earned Income Tax Credit (EITC) The Earned Income Tax Credit (EITC) was originally established in …Read More
Alert: Review Beneficiary Designations Checking your beneficiary designation on a regular basis can help loved ones avoid a big mess after you pass away. Here’s why. Alert: Review Beneficiary Designations Sometimes federal tax laws make us lax in reviewing the things that matter. Beneficiary designations is one such example. This is because there is a federal estate tax exemption of $5.45 million for you and an additional $5.45 million for …Read More
Reminder. 3rd Quarter Estimated Tax Payment Due If you are required to send in quarterly estimated tax payments using Form 1040 ES, your third quarter installment is due now. Reminder. 3rd Quarter Estimated Tax Payment Due If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. …Read More
Avoid Name Mismatch Audits If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS. Avoid Name Mismatch Audits Audits: If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing your 2016 tax return. The …Read More
When to Ask for Help – OR run the risk of a high tax bill All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, the IRS will receive their fair share, but not a dollar more, due to ignorance of tax laws. When to Ask for Help “Before taking action talk to your tax adviser.” How many times …Read More
STOLEN! Can I Deduct it? The theft of an item of value is a terrible experience. This experience can be made worse if you cannot deduct the theft on your tax return. Here is what everyone should know.
IMPORTANT: IRS Scam Epidemic Too many of us are being contacted by fake IRS agents demanding past due tax payments. Vulnerable taxpayers are at risk of being taken in by these theives. Here is what you need to know.
Borrowing Money from Your 401(k) – Good idea? …not so much Too many are dipping into their employer sponsored retirement plans 401(k) using the lending feature. Unfortunately, many are later faced with a tax dilemma. Borrowing Money from Your 401(k) For years you have put away 6% of your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you …Read More
Understanding Tax Terms: Structuring IRS has broad authority to seize bank accounts The IRS has broad powers to seize bank accounts if it believes there is criminal activity and you are actively trying to avoid their financial transaction reporting requirements. Here is what you should know. Understanding Tax Terms: Structuring If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of …Read More
Leveraging Gift Rules During Retirement Wish to transfer some of your assets to your children or grandchildren tax-free? Understanding the annual gift limits is a good place to start Leveraging Gift Rules During Retirement As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a …Read More