Hold on to Your Tax Returns Hold on to Your Tax Returns.  You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll also need them if you have to.. read more →

Early Retirement Plan Withdrawals and your Taxes Taking money out early from your retirement plan may trigger an additional tax. Here are six things that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from your plan before you reach age 59 1/2. 2. If you made.. read more →

Defer Capital Gains using Like-Kind Exchanges If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed. But if real.. read more →

READY OR NOT SMART CARDS ARE COMING First, the “smart phone” was introduced. Next came the “smart television.” It was inevitable that the “smart card” would make its way into the marketplace. Smart cards, commonly called EMVs (an acronym for Europay, MasterCard, and Visa), are already in use in Europe and other parts of the.. read more →

AGE MATTERS IN TAX LAW Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age     What it means for your taxes Age 13  Beginning at this age, your child no.. read more →

INTEREST RATES CAN AFFECT YOUR TAXES Interest Rates Can Affect Your Taxes.  Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain.. read more →

PLAN FOR SOCIAL SECURITY RETIREMENT BENEFITS If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here.. read more →

PORTABILITY CAN SIMPLIFY ESTATE PLANNING Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed. Here’s what you need to know. The estate.. read more →

Is Your Gift Taxable?   Is Your Gift Taxable? If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are eight tips you can use to figure out whether your gift is taxable. 1… read more →

Identity Theft and Your Taxes   Identity theft and your Taxes. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. It presents challenges to individuals, businesses, organizations and government agencies, including the IRS. Learning that you are a victim of identity theft can.. read more →