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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

12 Tips to Cut Your Tax Bill

An unexpected tax bill can ruin anybody’s day. To help avoid that unpleasant surprise, here are 12 easy moves many people can make to cut their tax bills. In many cases, you must itemize rather than take the standard deduction in order to use these strategies, but the extra...
Posted On 09 Mar 2017

When is Car Insurance Tax Deductible?

This tax season, in addition to running through the normal tax deductions, from student loan interest to charitable donations, you may want to consider whether some or all of your car insurance costs might be written off in your 2016 tax return. Unfortunately, only certain...
Posted On 09 Mar 2017

How Trumps Proposals Can Impact Your Taxes

By  Kevin Michels, CFP® One of the many promises President Trump made throughout his campaign was to simplify the current tax code. This has been on the Republican’s agenda for quite a while and now with a Republican president and majority power in both houses of Congress, they...
Posted On 09 Mar 2017

Tax Audit Risks for the Self-Employed

Being in business for yourself can be exciting lucrative and a great way to draw the attention of the Internal Revenue Service s audit division Short on personnel and funding the IRS audited only 0 70 of all individual returns in 2016 But if you file a Schedule C to report profit...
Posted On 09 Mar 2017

Red Flags That Can Raise Your IRS Audit Risk

Ever wonder why some tax returns are eyeballed by the Internal Revenue Service while most are ignored Short on personnel and funding the IRS audited only 0 70 of all individual tax returns in 2016 So the odds are pretty low that your return will be singled out for review And Source
Posted On 09 Mar 2017

When Your Credit Card Rewards Are (And Arent) Taxable

With tax season in full swing, you’re likely receiving tax documents, including a 1099 form from your financial institution, detailing taxable earnings from interest and the like. You may, however, also be surprised to receive further 1099s for the income you received from...
Posted On 03 Mar 2017

Why Your Tax Refund Is Ideal For Paying Credit Card Debt

If you’ve ever promised to pay off your credit card debt “when you have more money,” now’s your chance. The Internal Revenue Service estimates that 70% of taxpayers will get refunds this year. Last year, the average refund was $2,860, according to the IRS. If you’re in the red,...
Posted On 01 Mar 2017

Week Ahead: What To Expect From Trumps Big Speech

I have said before and will no doubt say again that the words of politicians, even Presidents, are not as important to the stock market over long periods of time as many people think. As long as the consensus remains in the West that capitalism, for all of its flaws, is the best...
Posted On 28 Feb 2017