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[22 Feb 2017 | No Comment | ]

Thinking of leaving a high-tax state for a low-tax state in retirement?
You need to know that states differ dramatically on tax: whether to exploit millionaires, shower breaks on retirees, go after non-residents and even the dead. They even differ on whether to tax Social Security benefits; just 13 states do.
If you’re a pre-retiree planning out how taxes will impact your retirement, keep in mind that it makes a big difference what your total income is, and what kind of income you’re receiving. And don’t plan too far ahead. …

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[14 Feb 2017 | No Comment | ]

IRS Tax Tip 2017-10
Scams continue to use the IRS as a lure. These tax scams take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo or a fake website to try and steal money from taxpayers. Identity theft can also happen with these scams.
Taxpayers need to be wary of phone calls or automated messages from someone who claims to be from the IRS. Often these criminals will say the taxpayer owes money. …

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[20 Jan 2017 | No Comment | ]

 
Author– Elizabeth MacBride
Many taxpayers use TurboTax until they hit certain triggers in the complexity of their financial lives. If you spent more than a few hours on your taxes this year, it’s time to ask yourself whether it makes sense to outsource this portion of your financial life to an accountant.
One of my rules in life – a rule that helps keep me balanced – is to outsource what I don’t enjoy or what someone else can do better than I. If you don’t enjoy something and you can hire someone …

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[20 Jan 2017 | No Comment | ]

IRS Tax Tips for Deducting Gifts to Charity
The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind:
1. Give to qualified charities. You can only deduct gifts you give to a qualified charity. Use the IRS Select Check tool to see if the group you give to is …

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[4 Feb 2016 | No Comment | ]

From www.irs.gov:  IRS Tax Tip:
Most people get their W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need it to file an accurate tax return.
If you haven’t received your form by mid-February, here’s what you should do:

Contact your Employer. Ask your employer (or former employer) for a copy. Be sure they have your correct address.
Call the IRS. If you are unable to get a copy from your employer, you may call the …