The temperature isn’t the only thing falling this time of year. Your 2023 tax bill can also be falling with a little bit of proactive planning, but time is running out! To help you make the most of potential tax saving moves before the end of the year, this month's newsletter features several year-end [...]
In the fourth move in three years, the IRS in late November changed the reporting requirements for Form 1099-K. So why should you care? Well pay attention if you’ve ever sold anything on Amazon or eBay, have ever sold tickets to sporting events or concerts, or received money from payment apps like Venmo. Background [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
The IRS is being very public about increasing the review of tax returns. The best defense for you is to be prepared before it happens. Here are some suggestions: The one-two punch To prove your deduction, most auditors look for two key documents: receipts and proof of payment. 1. Receipts. This is the first of [...]
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 [...]
Everybody likes getting something for free, and taxes are no different. If you invest in securities such as municipal bonds (munis) or municipal bond funds, you can generate 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 [...]
