Tip Category: Planning Now is the tax planning season. Those that treat tax filing as an event and not a process often are the ones paying more than they need. So how do you go about moving from the event to planning? By looking at triggers that should stimulate a discussion. Here are some of the …
Month: August 2024
Play the Match Game. Or Else…
A great tip to stay out of the audit spotlight. Tip Category: The Audit One of the best audit tips available can be summed up in one simple word – Match. Spend a minute or two pretending you work for the IRS. What would you do to identify tax returns worth auditing? If you suggest matching information …
Deductions for Non-Itemizers
Can't itemize? There are still tax breaks for you. Tip Category: Deductions A common misconception in tax filing has been that if you use the standard deduction versus itemizing your deductions you have few additional benefits available to reduce your tax bill. This is often not the case. Standard or Itemize? Every taxpayer can take the standard …
Understanding Tax Terms: Basis
Covering the bases on basis Tip Category: Miscellaneous Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property. What basis is The IRS describes basis as: The amount of your …
Social Security: Know the Variables
It's never too early to understand how it works Tip Category: Retirement Determining the best time and best way to take Social Security benefits can make a big difference in the amount you receive over the balance of your lifetime. What is prudent, is understanding how it works and, if appropriate, running calculations prior to making …
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