26 11, 2019

5 Last-Minute Tax-Savings Ideas Action you can take before time runs out …..

Here are five tax saving ideas that can be used by most taxpayers. Act soon because there's not much time left until our tax year comes to an end. 1. Make late-year charitable donations. Consider making donations with appreciated stock you have owned over one year. You can typically receive the higher value donation without

20 11, 2019

Receive Copies of Fraudulent Tax Returns

Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find out what was filed and who filed it. In the past, most requests by

31 10, 2019

Donating to Charities? Do it RIGHT! Donation basics to ensure a tax deduction.

Donating to charity not only helps others, it can reduce your tax bill — but only if the charity qualifies as a tax-exempt organization. Checking for qualified status If you plan on itemizing your deductions on your tax return, make sure the organization you're donating to is designated by the IRS as a 501(c)(3)

24 10, 2019

Businesses: How to Prepare for Form 1099 Filing to Avoid Steep IRS Penalties

We are reminding you that Form 1099-MISC must be issued to individuals, some corporations, and other unincorporated entities to which you paid for services and contract work that meet certain criteria during the calendar year. Likewise, Forms 1099-INT and 1099-DIV must be issued to recipients of interest and dividend income, respectively. To verify your Form

17 10, 2019

Amazon and eBay Sales Tax ALERT!

If you or your business sells product on Amazon using the Fulfillment by Amazon (FBA) service, you are well into the multi-state sales tax mess ... even if you are not aware of it. You may be asking yourself: * Do I now need to register my business with every state and collect sales

1 10, 2019

Reminder: Time to Start the Financial Aid Process

If you have a child in college or entering college during the next school year, you need to read this. You can now fill out your required Free Application for Financial Student Aid (FAFSA) for the next school year. FAFSA application time frame The Free Application for Federal Student Aid (FAFSA) process opened on

26 09, 2019

Leveraging Gift Rules to Your Advantage

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift tax rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules Make periodic gifts. Remember the gift-giving limit is per calendar year. To take full

18 09, 2019

How to Maximize Tax Deductions for Assisted Living

It's possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Often, assisted living care is expensive and not fully reimbursable by typical health insurance policies. Thankfully, there is a

11 09, 2019

The IRS Is Not Always Right

A letter in the mailbox with the IRS as the return address is sure to raise your blood pressure. Here are some tips for handling an IRS notice if you receive one: Stay calm. Try not to overreact to the correspondence. They are often in error. This is easier said than done, but remember

30 08, 2019

Municipal Bonds: An Investment with Tax Breaks!

Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (munis) or municipal bond funds generates tax-free interest income. Here is what you need to know. Advantages of municipal bonds You pay zero federal tax on municipal bond investment income. This makes municipal bonds more attractive than