YIKES! You have a large refund

For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always a great idea. Here’s why.

Income the IRS Can’t Touch

Wouldn’t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax.

Tax Return Review Hints

Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure that everything looks right.

Defending Fair Market Value

With proper planning, establishing the fair market value of an item sold or donated can be done in a way that can be defended against a challenge from the IRS.

Review Your Social Security Earnings Report

When was the last time that you reviewed your Social Security records? Waiting until retirement may be too late to correct past errors. Luckily, there are steps that you can take now to be prepared.

Make the Most of Your 401(k) Plan

With the future of Social Security uncertain and company pension plans being cut back, careful management of your 401(k) becomes very important. Here are some basic guidelines to help you make the most of your 401(k) investments.

Adjusted Gross Income (AGI)

Adjusted Gross Income (AGI) is a central term in the IRS vocabulary. Can you provide a working definition of the term? Doing so is often the starting point for effective tax planning.

IRS Rules Make Retirement Plan Withdrawals Mandatory

Do you own a traditional IRA, SEP-IRA, SIMPLE IRA, Keogh plan, 401(k) plan, or 403(b) plan? If so, you’ll have to start taking distributions when you reach age 70. If you don’t, you’ll forfeit 50% of the amount you should have taken but did not. Learn more on our latest blog!