Retirement 401K, qualified plans, Retirement, savings incentive match plan for employees, simplified employee pension Plan, tax deferred
Small businesses and self-employed individuals often tune out when conversations or articles about pension plans come up. That’s just for big business, they think, not for little guys like us. But small firms can tap into the tax breaks of pension plans more easily than they might imagine. Pension plans provide tax deductions for the […]
Tax Planning durable power of attorney, Estate Planning, funeral instructions, medical directives, will
You work hard providing for your loved ones during your life. You can also provide for them when you are gone with a simple estate plan that legally conveys your desires to all your heirs. Here’s a short list of some of the basic documents you should consider including in your estate plan. Information memo. Keep […]
Audit audit, Discriminate Function System, high income, no preparer, Tax protests, tax shelters
Few things are more unnerving than having your tax return selected for an IRS audit. The IRS uses that “audit anxiety” to help keep taxpayers honest on their tax returns. DIF scores count The IRS evaluates tax returns based on their “DIF” scores, a set of IRS formulas known as the “Discriminate Function System.” About […]
Health Insurance, Tax Planning, Uncategorized health savings accounts, high deductible insurance plans, Out-of-pocket expenses, pre-tax dollars, rollover funds
Health savings accounts can be used to build tax-sheltered nest eggs that can pay out-of-pocket medical expenses with tax-free dollars. Intended to be used in conjunction with high-deductible insurance plans, health savings accounts (HSAs) are designed to help pay your medical expenses until your insurance policy begins picking up expenses. To qualify for a health […]
Individual Taxes 1040x, amended return, casualty loss, missing information
Out of sight, out of mind. When it comes to old tax returns, that’s an approach many people like to follow. But before you completely forget about your old tax forms, you may wish to consider filing an amended return. Why file an amended return? If you made a mistake on a prior-year tax return, […]
Individual Taxes, Real Estate home office, Home purchase, Home Sale, ira withdrawals, qualifying home improvements, refinancing
Be aware that important tax consequences are often associated with some fairly common events involving your home. Here are some handy things to know. Home purchase. When purchasing a home, you may pay a portion of the mortgage interest in advance. This loan origination fee, or “points,” is a percentage of the total amount borrowed. If […]
Audit, Tax Planning audit, FORM ss-5, name mismatch, SS-5
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 tax return. The IRS automatically conducts a name match on the first few letters of your last name. If the name on your tax return does […]
Business Taxes, Tax Break Energy Tax Credits, environment, going green, paperless, recycling
We see, hear, and read every day that the world is becoming more environmentally conscious and taking steps to “go green.” While many of these may be out of reach for smaller businesses, there are several things that even small businesses can do to head toward going green. Recycling. Most communities these days provide recycling centers. […]
Individual Taxes, Tax Tips charity donations, gift tax, gifts, long-term capital gains, Property
Receiving a gift is not a taxable event to the one who receives the gift. If the gift is large enough, it could result in gift tax being due by the donor. In any case, you are not to report any gifts you receive on your income tax return. This is true whether the gift […]
Credit, IRS, Uncategorized cyber crime, malicious, phishing, sensitive information, stolen identity
With Tax Day only a few days away, cybercriminals are trying to take advantage of tax season through widespread phishing campaigns that aim to trick people into providing sensitive information, or opening malicious attachments containing malware designed to steal financial information or cause other trouble. In a new report ProofPoint researchers illustrate how campaigns are […]
