Tax Planning Triggers When to know to conduct a tax review

2024-03-05T19:05:03-05:00November 23rd, 2023|Taxes|

Here are some tips that should trigger you to conduct a full tax planning session to ensure your tax bill next year is not higher than it needs to be. 1. You owed tax last year. If you have not adjusted your withholdings, you could be in for a big tax bill. Time to take [...]

Selling Property to Family Creates Tax Complications

2024-03-05T19:10:57-05:00November 17th, 2023|Taxes|

Selling property to a family member or loved one is deemed a related party transaction by the IRS. If contemplating a transaction like this, you need to review the tax consequences of your decision BEFORE you act. As you might imagine, related party transactions covers relatives like your children, grandchildren and siblings, but it [...]

What to do if your return is rejected by the IRS?

2024-03-05T21:46:03-05:00November 15th, 2023|Taxes|

More than 90% of individual tax returns are now filed electronically, and usually the process goes smoothly. When an e-filed tax return is rejected, however, e-filing can become more complicated. Common causes for rejected tax returns Simple filing errors. Most rejections are caused by things such as misspellings, typos on Social Security numbers, or missing [...]

Surprise! The Mutual Fund Tax Trap

2024-03-05T19:15:40-05:00November 10th, 2023|Taxes|

Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does this happen and what can you do about [...]

Tips to Help Defend Yourself from the IRS

2024-03-05T19:43:55-05:00November 4th, 2023|Taxes|

Powerful. Always right. Intimidating. These are some of the descriptions used to describe our nation's tax collection agency, the IRS. But believe it or not, the IRS is wrong more often than you think. In this month's newsletter, read about several recent tax court cases, including one where the IRS was stopped by a [...]

November Client Update Newsletter

2024-03-05T19:23:09-05:00November 1st, 2023|Taxes|

This month's newsletter outlines Social Security’s cost-of-living adjustment for 2024, plus some basic information on how Social Security works. And there is still time to take action to reduce this year's tax bill. Please review the tax planning articles to bring some ideas top of mind for yourself and your business. With the holidays [...]

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