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11 Things You Need to Know When Filing Your Tax Return

By Michael McDonald Tax season is almost here, and with it comes all the usual issues of paperwork and confusion. But this year might be especially difficult as there are several new developments on the tax front . With that said, here are 11 things you need to know when filing...
Posted On 25 Jan 2016

Unique Way to Donate

“It is every man’s obligation,” said  Albert Einstein , “to put back into the world at least the equivalent of what he takes out of it.” If you agree and wonder about starting a private foundation to control spending Source
Posted On 22 Jan 2016

Heres What You Need to Do When Filing Your 2015 Tax Return

By Michael McDonald Each year, the IRS makes a host of procedural changes that complicate the filing of tax returns. The IRS revises many of its tax forms so they comply with new regulations, new IRS mandates, or even just the changing dollar values of things like deductions and...
Posted On 22 Jan 2016

How to Save Money If You Owe Taxes This Year

By Michael McDonald It is time again for the subject no one wants to think about: taxes. Your return is not due until April, of course, but smart taxpayers envision ways to save money well before that day ever arrives. Here are a few tips for cutting your tax costs if you are...
Posted On 22 Jan 2016

5 Ways to Plan Ahead for Tax Season Now

By Michael McDonald Taxes are an unpleasant fact of life for most people, but planning ahead can make the task a little easier. Addressing each of the following areas can also help you legally minimize your taxes and leave more money in your pocket. 1. Minimize Taxable Income...
Posted On 16 Jan 2016

Avoiding Tax Scams

While the Internal Revenue Service may not be your favorite federal agency, criminals posing as IRS representatives are unquestionably the much bigger problem. Here’s what to know to protect yourself. Scammers set increasingly treacherous traps for swindling...
Posted On 16 Jan 2016

How Much Tax Youll Pay on Your Lottery Winnings

The $1.3 billion Powerball jackpot has generated a lot of speculation about the best ways to spend that much money. In reality, though, the winner will end up with far less than that. If you bought a ticket for Source
Posted On 16 Jan 2016

Not Your Grandfathers Irrevocable Trust

The irrevocable trust today is nothing like the typical trust of only a few years ago. Then, most trusts included just a single trustee or possible co-trustees to fulfill all of the roles. Now, however, a trust is likely to divide the traditional trust function into many...
Posted On 09 Jan 2016

Middle Class Tax Break: Deduct Your Traditional IRA

Tax breaks aren’t just for millionaires. Regular folks get them, too. Take retirement saving, for example. See Also The Most Overlooked Tax DeductionsAnyone with earned income can put money in a traditional IRA, but not everyone can claim a Source
Posted On 09 Jan 2016

More States Giving Heirs a Break on Estate Taxes

If you’re concerned that state taxes will erode your children’s inheritance, you may have one less thing to worry about this year. In an effort to dissuade wealthy retirees from decamping, six states have increased the amount of assets Source
Posted On 09 Jan 2016