Excess gift giving could cause a tax surprise The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know. Tip Category: Planning In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount …
Tax & Business: March 2023
A part-time employment strategy could reap great rewards for your business if you plan appropriately. Here are some suggestions. Also read about effective reporting for effective management. Many businesses are turning to part-time employees to help fill open positions. Adding part-timers to your team, though, is easier said than done. In this month's newsletter, read …
The Tax-Free Retirement Savings Option
Is a Roth IRA right for you? Deciding between a traditional or Roth IRA? The traditional IRA provides short-term tax savings, but a Roth IRA might be better for the long-term. Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth …
Tax Planning Insights: March 2023
It's never too early to start thinking about tax planning strategies for 2023. Here are some ideas. Also read about how to avoid IRS underpayment penalties. Category: Planning If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would …
Audit Target: The Sole Proprietor
The IRS is hiring more auditors. So who are they going to target? The small business owners. Here are some tips. Tip Category: The Audit Each year the IRS publishes their activities in a publication called the Data Book. And each year for the past number of years the number one target of audits are …
The Marriage Penalty is Alive and Well
High income disparity between spouses is one of the most common situations victimized by the marriage penalty. Tax planning can help you reduce the impact on your tax bill. Tip Category: Planning Despite what you may think, the marriage penalty is still alive and well. Whether you’re changing your filing status in 2022 because of …
The Tax-Free Retirement Savings Option
Is a Roth IRA right for you? Tip Category: Retirement If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement. The …
Three Tax Break Tips for Caregivers
Caregivers can get help from three federal tax breaks: the medical expense deduction, the child and dependent care credit, and the "family" credit. Tip Category: Deductions If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that …
Rejected!
What to do if your e-filed tax return is rejected by the IRS Tip Category: Miscellaneous 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 …
Stop the Clock
Your most important defense against an audit The best defense against a tax audit? Stop the clock. Here is what you need to know. Tip Category: Audit In a tax court decision, a judge ruled that a joint tax return not signed by both spouses is not a validly filed tax return.* This seems like a …
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