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7 Worst Things to Do With Your Tax Refund

Tax season is in full swing. As some people prepare to write the federal government a fat check, others will eagerly await the arrival of a refund check. According to the IRS, the average tax refund is close to $3,000. A GOBankingRates survey of Americans getting a refund check...
Posted On 21 Mar 2017

How To Pay Lower Taxes On Investment Accounts

If you’re excited about the dividend yields and gains your winning stocks made, yet want to  reduce taxes you’ll owe  on your taxable investment accounts, you might want to consider tax-loss harvesting. Before trying this financial strategy, it’s important to understand exactly...
Posted On 20 Mar 2017

When to Toss Tax Records

SEE ALSO 17 Red Flags for IRS Auditors SEE ALSO 17 Red Flags for IRS Auditors ANSWER It s a good idea to keep your returns indefinitely But you can generally toss supporting tax records three years after the tax filing deadline which is the time the IRS generally has to initiate...
Posted On 20 Mar 2017

5 IRS Audit Red Flags

Although there s no sure way to avoid an audit these red flags could increase your chances of unwanted IRS attention Although there s no sure way to avoid an audit these red flags could increase your chances of unwanted IRS attention See Also 23 Most Overlooked Tax Deductions See...
Posted On 20 Mar 2017

4 Overlooked Tax Breaks for New Parents

Got a new bundle of joy in your household Here are opportunities to cut your tax bill as you grow your family Got a new bundle of joy in your household Here are opportunities to cut your tax bill as you grow your family See Also 17 Reasons the IRS Will Audit Your Tax Return See...
Posted On 20 Mar 2017

10 Ridiculous Tax Loopholes

Come tax time, you probably explore every tax break available to you in an effort to pay the tax man only what you owe. For instance, you might already be taking advantage of the capital gains tax rate or the mortgage interest tax deduction. Some tax loopholes are designed to...
Posted On 15 Mar 2017

11 Big Tax Mistakes to Avoid

Mistakes are part of life, but try not to make them part of your tax return. One misstep could hold up your tax return — maybe even your refund — for weeks or months, and you might even end up on the hook for interest and penalties. Here are 11 tax mistakes you definitely want to...
Posted On 15 Mar 2017

5 Surprising Things That Are Taxable

If you ve picked up some extra cash through luck athletic skill or criminal activities there s a good chance you owe taxes on that If you ve picked up some extra cash through luck athletic skill or criminal activities there s a good chance you owe taxes on that See Also 23 Most...
Posted On 13 Mar 2017

Last-Minute Tax Tips to Lower Your 2016 Tax Bill

Most taxpayers approach the tax filing deadline with a mixture of fear and loathing But this year there are reasons to be more sanguine For one thing because 2016 was an election year Congress didn t tinker much with the tax code If your personal circumstances didn t change last...
Posted On 13 Mar 2017

Paying Taxes for a Hired Caregiver

Here we go again Another presidential transition another Nannygate controversy Retirement Report readers likely remember the 1993 case of Zoë Baird whose nomination to be the first female U S attorney general was derailed when it was disclosed that she failed to pay required...
Posted On 13 Mar 2017