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5 Ways to Build A Better Tax Plan for 2017

You just finished your 2016 taxes but it s not too early to make plans for 2017 As a CPA financial adviser and former IRS agent I see a lot of financial plans that don t consider tax efficiency You just finished your 2016 taxes but it s not too early to make plans for 2017 As a...
Posted On 25 May 2017

How to Maximize the Home-Office Tax Deduction

ANSWER You might To qualify for the home office deduction you must use your home office exclusively and regularly for your business and you can t perform other activities in that area of your home Your home office must also be your principal place of business or a place where you...
Posted On 15 May 2017

I Got an Audit Notice From the IRS — Now What?

It s unlikely 160 that you ll be audited the IRS audits less than 1 of the tax returns it receives If an audit notice does show up though tax pros say there are a few basic steps you can take to steady yourself Make sure you re actually being audited People Source
Posted On 15 May 2017

Estate Tax Repeal? Perhaps Not in California!

California is showing a much greater willingness now to tax its wealthier state residents Five years ago it boosted the top tax rates for its wealthiest residents and now it has a new state estate tax proposal on the table that could come into play if the federal estate tax bites...
Posted On 15 May 2017

The Advantages of a Tax-Free Transfer From an IRA to Charity

retirement IRA ANSWER If you itemize the tax deduction looks the same at first blush But because the transfer called a qualified charitable distribution keeps your required minimum distribution out of your adjusted gross income it can help you stay below the income cutoff for...
Posted On 15 May 2017

Dont File Away Your 2016 Tax Paperwork Until You Do This

Now that tax season s pretty much officially over you re probably happy to take your completed return and stuff it in your file cabinet along with all your long forgotten paperwork from years past Now that tax season s pretty much officially over you re probably happy to take...
Posted On 11 May 2017

Why A Health Savings Account (HSA) Makes Sense For Most People

Recent Centers for Disease Control (CDC) data shows that Americans devote a great deal of their income towards medical expenses. The CDC’s statistics show that per capita expenditures for  healthcare  are over $9,500, and healthcare accounts for almost 18% of America’s GDP. That...
Posted On 08 May 2017

Goofed on Your Tax Return? Here’s What to Do

If you made a mistake on your tax return and didn t realize it until after the filing deadline congratulations you re human In the 2015 tax year alone the IRS sent 1 6 million notices to taxpayers for 2 1 million math errors on their returns The good news is that if Source
Posted On 08 May 2017

How to Trim Taxes, Keep More of Your Investments

There s a lot of focus on minimizing fees when investing but investors should also pay attention to another harsh drag on returns taxes For those who invest exclusively through retirement accounts taxes matter little on an annual basis Those accounts defer taxes Source
Posted On 08 May 2017

What President Donald Trumps New Tax Plan Means For You

His first 100 days in office came to a close on Saturday, and President Trump has commemorated the occasion by releasing his much-anticipated tax plan. Previously shrouded in secrecy, the big reveal finally happened Wednesday, offering Americans a glimpse of his plan to spur...
Posted On 02 May 2017