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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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[22 Feb 2017 | No Comment | ]

http://www.forbes.com/sites/robertwood/2017/02/21/skip-any-of-these-irs-forms-get-tax-audits-forever/#e2448c522f83
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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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[14 Feb 2017 | No Comment | ]

IRS Tax Tip 2017-14
Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed:
Self-Employed Taxpayers:
Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed Individuals Tax Center.
Estimated Tax:
Self-employed taxpayers generally need to make quarterly estimated tax payments. IRS Publication 505, Tax Withholding and Estimated Tax, has details on making those payments.
Schedule C or C-EZ:
Self-employed taxpayers must file a Schedule C, Profit or …

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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 …