Category Archives for AUDITS, APPEALS, & LITIGATION
How long should you keep your tax records?
As we move through tax season, some of my clients have been asking how long they should keep their tax records in case they get audited – and are some records more important to keep than others. Since
Read MoreNew Due Date for Filing FBARs
If you have financial interests in, or signature authority over a foreign financial account (bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain
Read MoreSome Often-Overlooked Tax Deductions
Tax deductions reduce the amount of your taxable income. Before filing your return, check to see whether the standard deductions or itemizing your deductions is most beneficial to your situation. Millions
Read More5 Tax Breaks for College Costs
Besides scholarships (tax-free up to the cost of tuition and course-related expenses, such as books and supplies), there are several tax breaks designed to ease the effects of college costs, whether you’re
Read MoreSome Tax Breaks for Retirees
Here’s a few suggestions retirees will want to take advantage of: Deduct Medicare Premiums If you become self-employed after leaving youir job, as a consultant, for example, you can deduct the premiums
Read MoreOne More Marriage Penalty for Taxpayers
Here’s a new reason to just cohabit – if you and your loved one have a huge mortgage. If you or your clients happen to be blessed as a high-income couple, it’s likely your taxes will go up.
Read MoreSome great uses for a tax refund
(Assuming they’re fortunate enough to have one) If there’s a refund check coming, it’s a great opportunity to bolster their personal balance sheet. The typical refund is usually around
Read MoreChanges are coming in the way small businesses enroll in Obamacare.
Changes are coming in the way small businesses enroll in Obamacare. Be aware, under a rule going to be proposed by the Centers for Medicare & Medicaid Services, small firms would no longer use the
Read MoreTaxes Can Still Threaten Your Retirement
Taxes Can Still Threaten Your Retirement Sadly, it’s becoming clear that you can’t bank on the traditional idea that your tax bill will go down in retirement. A lot of things can get in the
Read MoreHow to Save on Taxes by Claiming Florida as Your State of Residence
How to Save on Taxes by Claiming Florida as Your State of Residence Snowbirds will have their work cut out for them in proving Florida is their primary residence for over half of the year. Question: I
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