28 04, 2017

Include a Tax Focus in Your Investment Diversification

Diversifying your investments involves spreading your risks by investing in a variety of asset classes such as stocks, bonds, commodities, and real estate. But with a changing tax landscape, you might consider three more classes: taxable, tax-deferred, and tax-free. Years ago, taxpayers often worked under the assumption that their tax bracket would be lower

24 04, 2017

Be Tax Wise When Withdrawing your Retirement Savings

You've spent years saving for retirement, but now it's time to plan the best way to manage your retirement savings withdrawals. Here is a potential method to help maximize your funds using a tax-advantaged strategy. First, look at Social Security and pensions. You can use these funds for daily living much the same as you

24 04, 2017

Find the Best Employees to Contribute to Your Company

Turnover is an often overlooked cost of doing business. Sometimes it can run as high as 25% of salary and benefits. One way to reduce this cost is to hire wisely. It's an oft-quoted cliché that employees are a company's most valuable assets. Try generating revenue with unmotivated or unskilled employees, and you'll soon

14 04, 2017

What Should You Do When the IRS Contacts You?

After you file your tax return, the last thing you want to see is a notice from the IRS questioning your return. Some IRS notices involve very minor changes, like a correction to a Social Security number. Some are for serious changes that could involve a lot of money, such as a billing for more

3 04, 2017

12 Items Often Missing from Tax Returns

One of the biggest delays in filing your tax return is missing information. Make sure you don't miss some of these commonly overlooked items. • Missing your e-file approval. Without your signature, your tax return cannot be filed. • Proof of health insurance. You must provide a Form 1095 or other proof that you and your

24 03, 2017

Alimony in the IRS Spotlight

A couple of years ago, the U.S. Treasury released a report highlighting a disturbing level of non-compliance in alimony reporting on tax returns. Since the report was released, the IRS has increased the scrutiny they place on tax returns with alimony claims. If you file a tax return involving alimony, make sure you know the

20 03, 2017

Donating a Car to Charity – Don’t Make a Costly Mistake

Donating a car to charity can be a big deduction on your tax return, but the value of your deduction can depend on the organization you donate your car to and how they use the vehicle. Fair market value or not quite When you donate a vehicle, the value of your donation is either the