If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background In an effort to identify...
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 tax problem. The rule You may give up to $14,000 to...
One of the basics in retirement is to be as tax efficient with your income as possible. In 2016, income tax rates range from 0 - 39.6% plus a potential 3.8% net investment tax. Understanding how these progressive tax rates apply to ordinary income creates...
Topline: If next year’s tax return claims an Earned Income Tax Credit or the Additional Child Tax Credit your refund will be held by the IRS until February 15th. The delay in sending out tax refunds is mandated by recent tax law legislation because of the...
When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch. To...
A year ago the IRS closed down their popular “Get Transcript” online service after a severe security breach. With new security protocols now in place, this IRS service is available once again. Here is what you need to know. Background. Last spring the IRS announced their...
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 second quarter due date is now here. Normal due date: Wednesday, June 15th 2016 Remember you are required to withhold...
The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records. Storage Hints Organize your records by tax...
Here are five common retirement planning mistakes and steps you can take to avoid them. 1. Not having a plan Surprisingly most of us do not know how much money is needed for our retirement years. A retirement plan should consider how long you expect to live,...
Your tax return is completed and you can exhale a big sigh of relief. Not so fast. Do you have adequate support documentation if the federal or state authorities decide to review your tax return? The checklist Here is a check-list to help your recordkeeping. At minimum,...
