Home > Blog, page 3

Taxpaying is a civic ritual. The annual ceremony -- gathering records, completing returns, rushing to the post office -- has been diluted in recent years, especially by the rise of electronic filing. But April 15 remains a national anti-holiday of sorts. It may not be fun, but it's a touchstone of American citizenship.

More Info

With health care reform potentially on the back burner, President Trump and Congress will begin to shift some focus to tax reform. Tax reform, according to a number of polls, is supported by the majority of United States citizens. Furthermore, many Americans want simplicity in the next tax code. Roughly 75% of respondents listed the U.S. tax code as either complex or extremely complex. However, widespread agreement tends to end with wanting reform and simplicity.

So what should Americans expect with tax reform?

More Info

It's coming down to the wire if you haven't filed your federal income tax return. Fortunately, there are still some easy ways to trim your tax bill. If you do it right, some of the tax breaks offered will allow you to save more for retirement - in addition to cutting your federal taxes. 

More Info

According to the IRS, U.S. taxpayers received $264.5 billion in total refunds in 2016. That makes the average refund total about $2,993.

That may feel like nearly $3,000 of “extra” money, but keep in mind a refund is what you overpaid to Uncle Sam during the last tax year. It’s your money you earned, so it benefits you to make the most of it, even when it feels like unexpected cash.

More Info

Horray! Tax season!!! Practically this is the most wonderful time of the year!  But tax season is not all bad if you receive a tax refund. According to 2015 IRS data, eight out of ten tax filers get some version of a refund. If you are among those 80% of people, just don't stop reading. If you are not lucky enough to be amongs, consider them for the next time and you'll definitely be aqmong those lucky ones! ;)

More Info

According to the Internal Revenue Service (IRS), the average federal income tax refund issued to taxpayers for the 2016 calendar year was a rushing $2,860. And the way the numbers break down look the following way: back in 2016, the IRS issued 111 069 000 personal income tax refunds. Those refunds totaled $317.615 billion, which works out to $2,860.

  

More Info

Have you ever been approached by someone who wants to buy your business? It can be flattering to be approached, but if you reveal too much to your suitor, you could end up regretting you ever met.

The other day, one of our customers over at The Value Builder System contacted me for some advice. He had received a letter from a buyer in his industry inquiring if he would consider selling. The letter was from a legitimate private equity group and I could tell they had done their homework.

More Info

There may come a time when you need the money in a 529 account for a purpose other than higher education expenses. Maybe the beneficiary contracts the plague and faces burdensome medical costs, drops out of school to become a career barista or you just want that sweet cherry-red Maserati. Whatever the reason, a non-qualified withdrawal usually means you need to pay not just tax on earnings, but an additional 10% penalty tax. Sometimes, however, that penalty can be avoided.

More Info

Tax scamsters are out in force now. It's prime time for them. There are a number of things you can do to protect yourself.

The most prevalent swindles involve stealing your personal information. When they get a hold of your Social Security or bank account information, they can file false returns and even open up credit cards in your name.

How do swindlers get your information? They can often get what they want through "phishing," which are emails that ask you to send them personal identifying information. They also may call you.

More Info

When we reach the age of 70 ½ ,we are given the “privilege” of beginning Required Minimum Distributions (RMDs) from IRAs, 401(k)s and other retirement accounts. This requirement applies to all retirement accounts funded with pre-tax contributions and these annual distributions are now fully taxable at ordinary income tax rates. Since RMDs, and the associated taxes, can seriously erode your wealth, it is essential to find ways to minimize them where you can.

More Info

If your calendar is already filling up - and it's just January. If those plans include travel, you need to be aware of a new law which could affect your future plans.

On December 4, 2015, the Fixing America’s Surface Transportation Act, or "FAST Act,"  became law. The purpose of the law was to provide long-term funding for transportation projects, including new highways. However, the Act also included a significant new provision which allows the Department of State (sometimes just called "State Department") to yank passports from delinquent taxpayers.

More Info

It's that time of year again, when IRS Forms 1099 arrive. Perhaps no one likes IRS Forms 1099 except the IRS. The agency loves them, because they allow for the easy computer matching of Form 1099 data against tax returns. Businesses may not like sending the forms out, but there are penalties for failing to issue them. Besides, no one wants trouble from the IRS. So as all the forms descend this time of year, here are 10 things to know about Forms 1099.

More Info