Credit, IRS, IRS Rules, Tax Law, Tax Planning, Tax Tips 401K, Health Savings, Retirement, ROTH IRAs, tax rates
Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help you reach […]
IRS, IRS Rules, Tax Break, Tax Law, Tax Tips business, deduction, income, REIT, Tax
Qualified business income deduction. Many taxpayers may be eligible for a new deduction for qualified business income (QBI) from a qualified trade or business operated directly or through a pass-through entity.The deduction has two components.1) Eligible taxpayers may be entitled to deduct up to 20 percent of their qualified business income (QBI) from a domestic business operated […]
Credit, IRS, IRS Rules, Tax Break, Tax Tips deductions, Moving Expenses, Reimbursement, tax law
There are important changes to fringe benefit deductions that employers need to know about. These changes can affect a business’s bottom line and its employee’ deductions. Transportation fringe benefits. The new law disallows deductions for expenses associated with qualified transportation fringe benefits or expenses incurred providing transportation for commuting (except as necessary for employee safety). […]
Investments, IRS, Tax Tips investment, OPM, Tax
There is no magic to making money by investing. It requires discipline, determination, perseverance, and hard work. In deciding what investments are suitable for you, you must first understand the nine basic rules of investing. Risk versus return. The greater the risk that you will lose not only the return on your investment but your […]
Audit, IRS, IRS Rules, Tax Law audit, Bank statements, Checks
Two things have happened that have greatly reduced the ability to have a canceled check as proof when the auditor comes calling. The first is the advent of online bill paying services. The second is a regulation commonly known as Check 21. With online bill paying, you pay a bill via an online banking service. […]
IRS, Tax Law IRS, Past Due, Scam, Tax
In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action in late 2015 requiring the IRS to turn over to outside companies billions in uncollected taxes it is no longer pursuing. This will impact all […]
IRS, Tax Law, Tax Tips 1099, CPA, Error, Falls Church, Vendor
It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need to support your claim to correct the tax […]
IRS, Tax Break, Tax Law, Tax Tips charity, Donate, gifts, Plan, Tax
When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes are taxable. Almost all prizes are taxable income. You report them on […]
IRS, Tax Tips, Uncategorized CPA, Falls Church, IRS, Tax Fraud
What did thieves try to steal? Along with tax season comes the season of tax identification theft. Those who have become victims know how frustrating the experience can be. The frustration Until now, if you were a victim of tax identity theft, you would be unable to receive information from the IRS about the depth […]
Individual Taxes, IRS, IRS Rules, Retirement, Tax Break, Tax Law, Tax Planning, Tax Tips, Uncategorized IRAs, Retirement, RMD Rules, Roth, Social Security Income, Tax-deferred savings accounts
When you reach age 70 ½, the trigger requiring distributions from qualified retirement accounts is pulled. This annual Required Minimum Distribution (RMD) applies to Traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k), 403(b) and other defined contribution plans. Amounts not distributed on a timely basis could be subject to a 50% penalty. Thankfully, the RMD rules […]
