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Our forefathers launched the Revolutionary War with the claim “taxation without representation.” What few of us realize is that taxing the other guy who has no say in the matter is now a prevalent technique. Here are some examples. … Continue reading →The post Taxation Without Representation is Alive and Well appeared first on Top Tips.
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The recent tax legislation addresses a number of tax credits and other provisions that impact small business. Planning your business’ tax bill is now more important than ever. Here are some of the key changes: First year bonus depreciation is … Continue reading →The post Small Business Tax Review May be in Order appeared first on Top Tips.
It seems like summer has just begun and the Back-to-School advertising blitz has already started. Are there tax savings opportunities within this nightmare for our kids? Certainly, if you are tax smart about your spending. While the amounts may be … Continue reading →The post Tips to Make School Expenses Deductible appeared first on Top Tips.
The Social Security Administration is now doing a better job in sending out earnings reports by mailing paper statements to workers every five years beginning at age 25. The reports are also available online. These reports recap historic earnings and … Continue reading →The post What to Do With Your Social Security Statement appeared first on Top Tips.
Can you take advantage? One of the temporary tax provisions made permanent as part of the tax code in late 2015 is qualified charitable distributions from IRAs for those who have reached age 70½. Unfortunately in 2014 and 2015, the … Continue reading →The post Charitable Donations from Your IRA appeared first on Top Tips.
In an effort to reduce the amount of money paid to identity thieves who file fraudulent returns, the IRS will be implementing changes in the timing and way they handle the processing of tax returns. These steps will continue to … Continue reading →The post Plan for Tax Filing Season Changes appeared first on Top Tips.
Identify your challenges. See if you have months where more cash is going out than is coming into your bank account. This is often when large bills are due. Try to balance these known high-expense months out over the year … Continue reading →The post Create your cash flow snapshot appeared first on Top Tips.
With interest rates close to zero and a newly received refund check in hand, you may wish to consider a contribution to a Roth IRA. The Roth IRA basics Using after-tax funds, you can contribute up to $5,500 each year … Continue reading →The post Time to Consider a Roth? appeared first on Top Tips.
Quotes from actual IRS correspondence received by clients: “Our records show we received a 1040X…for the tax year listed above. We’re sorry but we cannot find it.” “Our records show you owe a balance due of $0.00. If we do … Continue reading →The post The IRS is Not Always Right appeared first on Top Tips.
Very few things in life can create a higher degree of stress and hassle than having your Social Security Number (SSN) stolen. This is because, unlike other forms of ID, the SSN is virtually permanent. While most instances of SSN … Continue reading →The post Protecting Your Social Security Number appeared first on Top Tips.
2015 audit statistics show continued changes What are the Chances? Every year the IRS publishes the statistics on the number of tax returns they are examining. Provided here are the last three years of published information and a look back … Continue reading →The post The Chances of Being Audited appeared first on Top Tips.
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