About IRS Tax Audits and How to Avoid Them
Most people cringe when they hear the word audit – and it’s a deserved reaction. Going through the process and ultimately resolving an audit is definitely not fun and could be costly, so it’s
Read MoreCan You Call it a Business or is it Just an Expensive Hobby?
It can be very difficult to determine and qualify the difference between the two. Here’s an example of how to be sure to (eventually) get on the IRS’ radar regarding this matter: Deduct hefty
Read MoreA Few Strategies To Reduce (Or Eliminate) the Taxes You’ll Owe on Your Social Security Benefits
Over the years, I’ve been asked how taxes on Social Security benefits are calculated, and if there are any strategies that would help them avoid paying taxes on their benefits? Whether your Social
Read MoreConvicted Of Tax Evasion, Poker Chip CEO Was Facing 10 Years, Got Only 10 Months
The CEO of a Maine poker chip manufacturer was found guilty of tax evasion for paying employees under the table and evading payroll taxes. John M. Kendall was convicted on three felony counts of theft
Read MoreTax Bills You’re Likely to Face on Your Sources of Retirement Income
When you’re planning for retirement, it’s fun to contemplate all the cruises, rounds of golf, and restaurant visits you have ahead of you. After all, you’ve earned it! Unfortunately, many retirees
Read MoreHow 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
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